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Brugler reportGet the Newsletter
Corn futures settled Tuesday with most contracts fractionally to 1 1/2 cents lower. The USDA announced separate private export sales of 146,000 MT to unknown destinations and 115,000 MT to Mexico for 17/18 delivery through their daily reporting system this morning. The Monday afternoon Crop Progress report indicated the only states to show progress ahead of normal were NC, TN, and TX, which accounted for just 3.8% of total production in 2016. The only states to report lower conditions ratings were NE and IL, down 1 point each. The weekly EIA ethanol report will be released on a normal schedule this week, Wednesday at 9:30 a.m. CDT. Dec 17 Corn closed at $3.50, down 1/2 cent, Mar 18 Corn closed at $3.63 3/4, down 1/2 cent, May 18 Corn closed at $3.72, down 3/4 cent Jul 18 Corn closed at $3.78 1/2, down 1 1/4 cents
Soybean futures closed the Tuesday session with losses of 4 1/2 to 6 1/4 cents. December meal was down $2.90/ton, with nearby bean oil UNCH. Much of the WCB is lagging their average harvest progress, as IA, NE and MN have harvested nearly half of the crop they typically do for this week. Ratings improved 1 point to 366 on the Brugler500 index. This was the last week that the USDA will report condition ratings, as the final rating showed 61% of the crop in gd/ex condition.The national soybean cash price as of last night was $9.13 1/2. That fell from $9.22 3/4 the previous day, which was the highest national average cash price since the end of July. The national basis fell to -80 1/2 on October 3, and had come back 3 cents to -77 1/2 as of Monday afternoon. Nov 17 Soybeans closed at $9.84 3/4, down 6 1/4 cents, Jan 18 Soybeans closed at $9.95 1/4, down 6 1/4 cents, Mar 18 Soybeans closed at $10.05, down 5 3/4 cents, Jul 18 Soybeans closed at $10.22, down 5 1/2 cents, Dec 17 Soybean Meal closed at $321.60, down $2.90, Dec 17 Soybean Oil closed at $33.59, unch,
Wheat futures were fractionally to 1 3/4 cents lower in most SRW and HRW contracts, as HRS contracts showed 1-4 cents gains on Tuesday. Kansas typically has 46% of the crop emerged by now, with 25% shown in that stage. Japan’s MOA is seeking 123,736 MT of wheat from the US, Canada, and Australia. Of that total, 64,658 MT is sought from the US, with the tender due on Thursday. Russia’s IKAR raised their latest 2017 Russia wheat production number slightly to 83.2-83.7 MMT, as the crop’s size is becoming realized. The Russian government estimate is 83.0 MMT. Dec 17 CBOT Wheat closed at $4.34 3/4, down 1 3/4 cents, Dec 17 KCBT Wheat closed at $4.33 1/4, down 1/2 cent, Dec 17 MGEX Wheat closed at $6.11, up 1 1/2 cents