AgriCharts Market Commentary

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Corn Lower on Friday

Corn futures were cents 2 1/4 to 3 1/2 cents lower at Friday’s close. The Pro Farmer Midwest Crop Tour reported a projected a total corn yield of 163.3 bpa, with production at 13.358 bbu on 81.8 million harvested acres. For the week speculators in corn futures and options bailed on the net long position by 100,954 contracts to a net short position of 56,441 contracts on Tuesday. China announces an additional 10% tariff on US corn and sorghum as of Dec 15. While China has not been a large importer of corn recently, the loss of potential ethanol, DDGs and sorghum buying is being felt. China on Friday threatened to raise tariffs another 10% on US wheat, corn and sorghum effective December 15.

SEP 19 Corn closed at $3.59 3/4, down 3 1/2 cents,

DEC 19 Corn closed at $3.67 3/4, down 3 1/4 cents,

MAR 20 Corn closed at $3.80, down 3 cents

MAY 20 Corn closed at $3.88 1/2, down 2 1/4 cents

-- provided by Brugler Marketing & Management

Corn Lower at Midday

Corn futures are 3 to 4 1/2 cents lower at midday. The Pro Farmer Midwest Crop Tour finished up in Minnesota yesterday, with the national Pro Farmer estimate set to be released at 1:30 p.m. CDT. The Minnesota tour average yield was 170.4 bushels per acre, with Iowa at 182.8 bpa. China announces an additional 10% tariff on US corn and sorghum as of Dec 15. While China has not been a large importer of corn recently, the loss of potential ethanol, DDGs and sorghum buying is being felt. China on Friday threatened to raise tariffs another 10% on US wheat, corn and sorghum effective December 15. Reuters reported spot bids for corn from ethanol plants in the Midwest at steady or higher.

SEP 19 Corn is at $3.59, down 4 1/4 cents,

DEC 19 Corn is at $3.66 1/2, down 4 1/2 cents,

MAR 20 Corn is at $3.78 3/4, down 4 1/4 cents

MAY 20 Corn is at $3.87, down 3 3/4 cents

-- provided by Brugler Marketing & Management

Corn Market 2 to 3 Cents Lower

Corn futures are 2 to 3 cents lower this morning. They closed fractionally higher on Thursday. The USDA Export Sales report showed a slow 119,267 metric tons (MT) in the week ending August 15. New crop sales totaled 301,608 MT, down 2% from the previous week and 72% lower than the same week last year. The Pro Farmer Midwest Crop Tour finished up in Minnesota today, with the national Pro Farmer estimate set to be released later today. The Minnesota tour average yield was 170.4 bushels per acre, with Iowa at 182.8 bpa. CONAB expects Brazil’s corn-based ethanol production to rise by 70.89% to 1.35 billion liters (8.491 million barrels) in 19/20. --- provided by Brugler Marketing & Management

Corn Close Firm on Thursday

Corn futures ended trading fractionally higher on Thursday. This morning’s USDA Export Sales reported bookings for 18/19 at 119,267 metric tons (MT) in the week that ended on August 15, 112% higher than last week. New crop sales totaled 301,608 MT, down 2% from the previous week and 72% lower than the same week last year. Those were both on the low end of estimates. A sale of 50,000 MT of sorghum was reported to China. The Pro Farmer Midwest Crop Tour finished up in Minnesota today, with the national Pro Farmer estimate set to be released on Friday. CONAB expects Brazil’s corn-based ethanol production to rise by 70.89% to 1.35 billion liters (8.491 million barrels) in 19/20.

SEP 19 Corn closed at $3.63 1/4, up 3/4 cent

DEC 19 Corn closed at $3.71, up 3/4 cent

MAR 20 Corn closed at $3.83, up 1/2 cent

MAY 20 Corn closed at $3.90 3/4, up 1/2 cent

--- provided by Brugler Marketing & Management

Corn Firm on Thursday

Corn futures are steady to 1 1/2 cents higher at midday. This morning’s USDA Export Sales reported bookings for 18/19 at 119,267 metric tons (MT) in the week that ended on August 15, 112% higher than last week. New crop sales totaled 301,608 MT, down 2% from the previous week and 72% lower than the same week last year. Those were both on the low end of estimates. A sale of 50,000 MT of sorghum was reported to China. The Pro Farmer Midwest Crop Tour found an Illinois average yield of 171.17 bpa vs. 192.63 last year. That’s down 11%, but USDA currently has Illinois corn yield down 14% from year ago. CONAB expects Brazil’s corn-based ethanol production to rise by 70.89% to 1.35 billion liters (8.491 million barrels) in 19/20. President Trump is planning to meet with USDA Secretary Perdue and EPA Administrator Wheeler on Thursday to discuss biofuel policies following last week’s small refinery waivers of 31 oil refineries.

SEP 19 Corn is at $3.64, up 1 1/2 cents,

DEC 19 Corn is at $3.71 3/4, up 1 1/2 cents,

MAR 20 Corn is at $3.83 1/2, up 1 cent

MAY 20 Corn is at $3.91, up 3/4 cent

--- provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
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