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Late day selling erased early gains and front month corn futures ended the Friday session fractionally to 1 3/4 cents lower. That limited Dec corn to a 7 cent weekly gain from last Friday’s close. USDA reported a large export sale of 128,000 MT of corn to Mexico in the daily reporting system this morning. The weekly Export Sales report showed 655k MT of corn bookings in the week ending 10/8. That was down 46% wk/wk and on the low end of expectations, but still 78% more than the same week last year. Corn exports were 815k bringing the MYTD total to 4.493 MMT. That is 70% above last year’s pace. There were no milo sales reported on the week ending 10/8, and exports were just 645 MT. South Korea issued an international corn tender, seeking 65k MT. Managed money extended their CFTC net long by an additional 27%, to 170,869 contracts as of October 14.

Dec 20 Corn closed at $4.02, down 1 3/4 cents,

Mar 21 Corn closed at $4.07, down 1 cent,

May 21 Corn closed at $4.08 1/2, down 3/4 cent,

Jul 21 Corn closed at $4.08 3/4, down 1/2 cent,

--- provided by Brugler Marketing & Management



November and January soybean contracts ended the session with double digit losses, which for Nov extended the week’s move to minus 15 1/2 cents. December soymeal futures were down by $4.60/ton but maintained a 1% gain for the week. Bean oil futures closed the last trade day of the week with 14 to 18 point losses. Dec BO was 3% lower from Friday to Friday. USDA’s mandatory reporting system covered two large soybean sales to unknown. The first was for 175k MT, and the other was for 216,150 MT. USDA’s Export Sales report indicated more than expected bean export business with 2.63 MMT sold in the week ending 10/8. Meal sales were reported at 152k MT. Bean oil bookings were 1,366 MT. Brazil has temporarily removed corn and soybean import tariffs on non-Mercosur nations to facilitate imports and try to cap surging domestic prices. Soybean spec traders reduced their CFTC net long 11,950 contracts to 226,444 in the week ending October 14. That came via new selling and long liquidation, as spec trader OI was down 3,612. In soymeal, managed money was 5,121 contracts more long to 82,188 on net. Bean oil specs trimmed their net long another 3,926 contracts to 77,068.

Nov 20 Soybeans closed at $10.50, down 12 1/4 cents,

Jan 21 Soybeans closed at $10.50 1/4, down 11 3/4 cents,

Mar 21 Soybeans closed at $10.37 3/4, down 7 3/4 cents,

May 21 Soybeans closed at $10.33 1/4, down 6 cents,

Dec 20 Soybean Meal closed at $367.50, down $4.60

Dec 20 Soybean Oil closed at $32.99, down $0.18

--- provided by Brugler Marketing & Management



Front month wheat futures gave back some of the double digit gains in the afternoon session. SRW futures held onto gains, closing 2 1/4 to 7 cents higher. KC wheat closed mostly lower after afternoon selling. MPLS ended the Friday session 2 1/4 cents lower to a penny/bushel higher. USDA’s Export Sales report showed weekly wheat bookings were on the high end of estimates with 529k MT sold. The week’s wheat shipments were 507k MT, bringing the accumulated shipments to 9.997 MMT (367 mbu). South Korea purchased 65k MT of U.S. feed grade wheat. The weekly data release from CFTC showed SRW spec funds were 8,254 contracts more net long, with 1,030 contracts higher OI. In HRW, managed money had added 4,818 contracts to their net long – now at 32,197. MPLS spec traders are the least net short since March 26 of 2019, in a 110 week consecutive net short.

Dec 20 CBOT Wheat closed at $6.25 1/4, up 7 cents,

Dec 20 KCBT Wheat closed at $5.58 3/4, up 3/4 cent,

Dec 20 MGEX Wheat closed at $5.59 3/4, up 1 cent,

--- provided by Brugler Marketing & Management



Live cattle futures closed the Friday session down by $0.62 to $1.10 in the front months. For October, the Friday loss extended the week’s move to minus 2.5%. October futures expire in two weeks; deliveries were still only 9 contracts through the 15th. Feeders closed with $0.82 to $2.77 losses in the front months. The October 15 Feeder Cattle Index from CME dropped back 69 cents to $140.22. Clean up business in the cash market was very thin on Friday, from $106-$107. Dressed deals on Friday were also thin but from $166-167. We were mostly near $108 with the wtd ave price at $107.61. Beef export bookings were down 35% wk/wk with just 13,438 MT sold. Japan and Mexico were the top buyers in the weekly update. USDA’s weekly Export Sales report showed 16,169 MT were shipped on the week, pushing YTD exports to 631,838 MT. Wholesale boxed beef prices were reported lower in USDA’s afternoon update. Choice boxes were $0.45 lower to $210.03 cwt. and Select boxes fell back another $2.98. USDA estimates FI cattle slaughter for the week through Saturday at 654k head. That is up 17,000 wk/wk and 11k above last year.

Oct 20 Cattle closed at $107.150, down $0.625,

Dec 20 Cattle closed at $108.625, down $0.925,

Feb 21 Cattle closed at $111.475, down $0.950,

Oct 20 Feeder Cattle closed at $138.100, down $0.825

Nov 20 Feeder Cattle closed at $135.025, down $1.450

Jan 21 Feeder Cattle closed at $129.325, down $2.775

--- provided by Brugler Marketing & Management



Lean hog futures head into the weekend following Friday losses of 7 to 87 cents. Despite the Friday giveback, Dec hogs were still up nearly 4% on the week. The October 14 CME Lean Hog Index was up another 25 cents to $78.49. USDA’s National Average Afternoon Base Hog price was $62.13 down $1.33. CFTC data showed lean hog speculative traders were 37,154 contracts net long on 10/13. That was a 1,408 contract stronger net long wk/wk with a 2,214 lower open interest. Collectively lean hog OI was 184,531 contracts, which was just 13 contracts lighter on the week. The weekly Export Sales update from USDA showed 26,803 MT of pork booked on the week ending 10/8. That was down 56% from last week. Shipments were a consistent 36k MT, bringing YTD exports to 1.484 MMT. 2019’s full year total was just 1.624 MMT. USDA’s National Pork Carcass Cutout value was down $2.23 to $99.19. USDA estimated the week’s FI hog slaughter at 2.688 million head through Saturday. That was 42k lower wk/wk and 35k lower yr/yr.

Dec 20 Hogs closed at $69.800, down $0.075,

Feb 21 Hogs closed at $70.950, down $0.475

Apr 21 Hogs closed at $73.650, down $0.800

--- provided by Brugler Marketing & Management



Cotton futures closed the Friday session with 51 to 70 point gains, completing each trade day with a green candle. For Dec futures that amounted to a 3.37% gain from Friday to Friday. After the close, CFTC released their weekly Commitment of Traders report. It showed a 6,862 contract increase to managed money’s net long - @ 59,942 as of 10/13. USDA reported 98,870 RBs of upland cotton sold in the week ending 10/8. That was down 45% from last week and was 48% below the same week last year. Exports of 192,621 RBs brought the MY total to 2.505m RBs through the first 10 weeks of the MY. That is the second fastest shipment pace on record behind 2.645m RBs shipped through the first 10 weeks in 07/08. The Cotlook A index was firm at 74.50 cents/lb on the 15th. The week’s new AWP for cotton of 53.43 cents/lb. As the Adjusted World Price is above the $0.52 level, there is no need for an LDP this week.

Dec 20 Cotton closed at 69.92, up 70 points,

Mar 21 Cotton closed at 70.56, up 63 points

May 21 Cotton closed at 71.23, up 58 points

Jul 21 Cotton closed at 71.71, up 50 points

--- provided by Brugler Marketing & Management



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