AgriCharts Market Commentary

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Bearish Prices for Corn

Corn futures closed Friday fractionally lower to 1 1/2 cents lower in the front month as losses deepened through the contracts. That closed helped to cement a wk/wk loss, which was 2 1/2 cents. December options expire today. Total export commitments for corn are slowly whittling away on this time last year, now lagging by 45.4% from the same week in 2018. They are just 28% of the USDA export projection, with the average pace at 43% for this week. CFTC reported that as of Tuesday manage money was net short 123,530 contracts, a position which grew by 12,609 positions to the deepest short position since the beginning of October.

Dec 19 Corn closed at $3.68 3/4, up 1/4 cent,

Mar 20 Corn closed at $3.78 1/2, down 1/2 cent,

May 20 Corn closed at $3.83 3/4, down 1/2 cent,

Jul 20 Corn closed at $3.88 3/4, down 1 1/4 cents,

--provided by Brugler Marketing & Management

Corn Slightly Higher at Midday

Corn futures are showing fractional to 1 cent gains in the front months so far on Friday. December options expire today. Total export commitments for corn are slowly whittling away on this time last year, now lagging by 45.4% from the same week in 2018. They are just 28% of the USDA export projection, with the average pace at 43% for this week. Accumulated shipments are just 11% of that number (5-year avg 17%), with unshipped sales down 32% yr/yr. Buenos Aires Grain Exchange pegs the Argentine corn crop is 45.7% planted as of 11/21.

DEC 19 Corn is at $3.69 1/4, up 3/4 cent,

MAR 19 Corn is at $3.80, up 1 cent,

MAY 20 Corn is at $3.85, up 3/4 cent

JUL 20 Corn is at $3.90 1/4, up 1/4 cent

--provided by Brugler Marketing & Management

Corn Market Fractionally Lower

Corn futures begin your Friday fractionally lower. Corn futures closed as much as 1 3/4 cents higher in the nearby contracts yesterday. Lower prices are attracting export sales, with USDA making multiple announcements this week under the daily reporting system. Weekly corn export sales as of 11/14 were listed at 788,022 MT, which is 10.19% below last year’s weekly sales. That was the second largest weekly sale since September 1, however. The accumulated exports have increased to 5.214 MT for the marketing year. The International Grain Council (IGC) updated it’s 2019/20 outlook, forecasting world corn production to be 1.103 BMT, a 5 MMT bump from their October forecast. Carryover was only given a 1 MMT increase mo/mo, because the IGC also increased expected corn consumption.

--provided by Brugler Marketing & Management

Corn Futures Regain Some Momentum

Corn futures closed higher after Thursday’s round of trading by as much as 1 3/4 cents in the nearby contracts. A private export sale of 106,000 MT of 19/20 corn to unknown was reported this morning. Weekly corn export sales as of 11/14 were listed at 788,022 MT, which is 10.19% below last year’s weekly sales. That was the second largest weekly sale this MY, however. The update also showed weekly exports were 11.8% above last week at 673,060 MT (26.497 mbu). The accumulated exports have increased to 5.214 MT through the MY, averaging a growth rate of 14.6% over the last 5 weeks. Accumulated exports are still well below last year’s levels, but have made progress, outpacing last year’s growth by an average of 1.18% wk/wk for the latest update revealing accumulated exports still 59.45% behind last year. The international Grain Council updated it’s 19/20 outlook, forecasting corn production to be 1.103 BMT, a 5 MMT bump from their October forecast. Carryover was only given a 1 MMT increase mo/mo, because the IGC also increased corn consumption. Buenos Aires Grain Exchange stated that Argentina corn is 45.7% planted as of 11/21.

DEC 19 Corn closed at $3.68 1/2, up 1 3/4 cents,

MAR 19 Corn closed at $3.79, up 1 3/4 cents,

MAY 20 Corn closed at $3.84 1/4, up 1 1/4 cents

JUL 20 Corn closed at $3.90, up 3/4 cent

--provided by Brugler Marketing & Management

Corn Futures Higher on Exports

Corn is higher by 1 1/2 to 2 1/4 cents this morning. A private export sale of 106,000 MT of 18/19 corn to unknown was reported this morning The international Grain Council updated it’s 19/20 outlook, forecasting corn production to be 1.103 BMT, a 5 MMT bump from their October forecast. Carryover was only given a 1 MMT increase mo/mo, because the IGC also increased corn consumption. Weekly corn export sales as of 11/14 were listed at 788,022 MT, which is 10.19% below last year’s weekly sales. That was the second largest weekly sale this MY, however. Trade ideas for the USDA Export Sales report were 400,000-900,000 MT. The update also showed weekly exports were 11.8% above last week at 673,060 MT (26.497 mbu). The accumulated exports have increased to 5.214 MT through the MY, averaging a growth rate of 14.6% over the last 5 weeks. Accumulated exports are still well below last year’s levels.

DEC 19 Corn is at $3.69, up 2 1/4 cents,

MAR 19 Corn is at $3.79 1/2, up 2 1/4 cents,

MAY 20 Corn is at $3.85, up 2 cents

JUL 20 Corn is at $3.90 3/4, up 1 1/2 cents

--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
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com