AgriCharts Market Commentary

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Corn Posts 9% Gain This Week

Corn futures ended the Friday session with the front months firm to 4 1/4 cents higher. Nearby July was up a strong 8.96% this week. The buying was tied to slow planting progress and the potential impacts on either final acreage or yield. As of May 14, the managed money net short position in corn futures and options was still at 282,918 contracts according to CFTC data. US exports as of May 9 are 63% of the USDA projection for 18/19, matching the average pace. The total commitments, however, are just 80% of that projection vs the 92% average, as unshipped sales are lagging. A total of 138,000 MT of corn was bought in separate South Korean tenders on Friday, with US and South America listed as optional origins.

Jul 19 Corn closed at $3.83 1/4, up 4 1/4 cents,

Sep 19 Corn closed at $3.90 1/2, up 3 1/2 cents,

Dec 19 Corn closed at $3.98 1/4, up 1 3/4 cents

Mar 20 Corn closed at $4.07 3/4, up 1 1/4 cents

--provided by Brugler Marketing & Management

Corn Continues Higher at Week End

Corn futures are showing gains of 2 to 5 1/4 cents in the front months on Friday, as Dec nears $4. The buying is tied to slow planting progress and the potential impacts on either final acreage or yield. US exports as of May 9 are 63% of the USDA projection for 18/19, matching the average pace. The total commitments, however, are just 80% of that projection vs the 92% average, as unshipped sales are lagging. The Buenos Aires Grain Exchange estimates that 34% of Argentina’s corn crop is harvested, about the normal pace. They also left their production estimate at 48 MMT, vs. USDA at 49 MMT. A total of 138,000 MT of corn was bought in separate South Korean tenders on Friday, with US and South America listed as optional origins.

Jul 19 Corn is at $3.84 1/4, up 5 1/4 cents,

Sep 19 Corn is at $3.91 1/2, up 4 1/2 cents,

Dec 19 Corn is at $3.99 3/4, up 3 1/4 cents

Mar 20 Corn is at $4.09 1/4, up 2 3/4 cents

--provided by Brugler Marketing & Management

Corn Market 3 to 4 Higher Overnight

Corn futures are trading 3 to 4 cents higher this morning. They continue to trade the wet weather forecasts, with most contracts settling up 4 to 9 1/2 cents in the front months on Thursday. The 7-day QPF shows forecasts for 5-7 inches of rain for the heart of the Corn Belt, likely further delaying planting. USDA showed 553,334 MT of old crop corn sales in the week of May 9. That was nearly double last week but 43.7% lower than the same week last year. The Buenos Aires Grain Exchange estimates that 34% of Argentina’s corn crop is harvested, about the normal pace. They also left their production estimate at 48 MMT, vs. USDA at 49 MMT.

--provided by Brugler Marketing & Management

Corn Higher on Wet Forecasts

Corn futures are trading 6 to 9 cents higher in most front months at midday. The 7-day QPF shows forecasts for 5-7 inches of rain for the heart of the Corn Belt, possibly even further delaying planting. USDA showed 553,334 MT of old crop corn sales in the week of May 9, above the range of estimates. That was nearly double last week but 43.7% lower than the same week last year. Columbia bought 226,700 MT of that, with Japan purchasing 121,400 MT. New crop came in below analyst’s low end of guesses at 80,829 MT.

Jul 19 Corn is at $3.78 1/4, up 8 3/4 cents,

Sep 19 Corn is at $3.86 3/4, up 8 1/2 cents,

Dec 19 Corn is at $3.96, up 7 1/4 cents

Mar 20 Corn is at $4.06 1/2, up 6 cents

--provided by Brugler Marketing & Management

Corn Market Higher on Very Wet Forecast

Corn futures are trading 4 to 5 cents higher this morning. They settled steady to 1 1/4 cents higher on Wednesday. Soil moisture models show some drying this week, which should allow for planting to pick up a little. However, 7 day accumulations of 4 to 5 inches are in the forecast for the Corn Belt. Weekly EIA ethanol production and implied corn use was the largest since the week of January 11 at 1.051 million barrels per day. Ethanol stocks were also drawn down by 218,000 barrels to 22.25 million barrels. This morning, USDA is expected to show 200,000-500,000 MT of old crop corn sales in the week of May 9, with new crop seen at 100,000-400,000 MT. --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