AgriCharts Market Commentary

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Corn

Corn futures closed Friday steady to fractionally mixed, as July was down 1.11% on the week. The USDA reported a private export sale of 131,300 MT of corn to Mexico this morning. The sale was broke down to 30,000 MT for delivery in 2017/18, with the remaining 101,300 MT set for 2018/19 shipment. There was also a sale of 117,000 MT for 2018/19 to Panama reported through the USDA’s daily reporting system. The 6-10 day outlook is forecasting above average temps and precip in most of the Corn Belt. China sold 739,954 MT of corn from state reserves on Friday, totaling 18.64% of the offered amount. Friday afternoon’s Commitment of Traders report showed spec funds flipping their net position in the week that ended on Tuesday. On that date, they had a net short position of -14,038 contracts in corn futures and options, a move of -50,254 contracts from the week prior.

Jul 18 Corn closed at $3.57 1/4, up 1/4 cent,

Sep 18 Corn closed at $3.66 1/2, unch,

Dec 18 Corn closed at $3.78, down 1/4 cent

Mar 19 Corn closed at $3.87 1/2, down 1/4 cent

Corn

Corn futures are fractionally to a penny higher in most contracts at midday. The USDA reported a private export sale of 131,300 MT of corn to Mexico this morning. The sale was broke down to 30,000 MT for delivery in 2017/18, with the remaining 101,300 MT set for 2018/19 shipment. There was also a sale of 117,000 MT for 2018/19 to Panama reported through the USDA’s daily reporting system. Corn export commitments are still 3.27% larger than last year despite this week's lower sales total from Thursday’s report. They are now 97% of the USDA export projection, with the typical pace at 99% and last year at 100%. China sold 739,954 MT of corn from state reserves on Friday, totaling 18.64% of the offered amount.

Jul 18 Corn is at $3.58, up 1 cent,

Sep 18 Corn is at $3.67 1/4, up 3/4 cent,

Dec 18 Corn is at $3.78 3/4, up 1/2 cent

Mar 19 Corn is at $3.88 1/2, up 3/4 cent

Corn

Corn futures are trading steady to a penny lower at the moment. They ended the Thursday session with most contracts 2 to 3 cents higher. Thursday morning's USDA Export Sales report indicated export shipments of corn at 1.763 MMT in the week that ended 6/14. That was a 25.4% jump from last week and well above last year at this time. Corn export commitments are still 3.27% larger than last year despite this week's lower sales total. They are now 97% of the USDA export projection, with the typical pace at 99% and last year at 100%. China sold 739,954 MT of corn from state reserves on Friday, totaling 18.64% of the offered amount. The House passed their version of the Farm Bill on Thursday.

Corn

Corn futures ended the Thursday session with most contracts 2 to 3 cents higher. This morning's USDA Export Sales report indicated that just 165,917 MT of old crop corn was sold in the week that ended June 14, well below estimates. That was lowest weekly sales total since the week of December 28. There was 584,700 MT reported in reductions for unknown destinations. New crop sales totaled 339,692 MT. Export shipments of corn were shown at 1.763 MMT, a 25.4% jump from last week and well above last year at this time. China sold 1.418 MMT of corn from state reserves on Thursday, totaling 35.6% of the offered amount. Two separate South Korean importers purchased a total of 126,000 MT of corn in tenders on Thursday. Of the total 60,000 MT was likely from the US and the remaining optional origin.

Jul 18 Corn closed at $3.57, up 2 3/4 cents,

Sep 18 Corn closed at $3.66 1/2, up 2 3/4 cents,

Dec 18 Corn closed at $3.78 1/4, up 2 1/2 cents

Mar 19 Corn closed at $3.87 3/4, up 2 1/2 cents

Corn

Corn futures are showing 1 to 2 1/4 cent gains at midday. This morning's USDA Export Sales report indicated that just 165,917 MT of old crop corn was sold in the week that ended June 14, well below estimates. That was lowest weekly sales total since the week of Christmas 2017. There was 584,700 MT reported in reductions for unknown destinations. New crop sales totaled 339,692 MT. China sold 1.418 MMT of corn from state reserves on Friday, totaling 35.6% of the offered amount. Two separate South Korean importers purchased a total of 126,000 MT of corn in tenders on Thursday. Of the total 60,000 MT was likely from the US and the remaining optional origin.

Jul 18 Corn is at $3.56 1/2, up 2 1/4 cents,

Sep 18 Corn is at $3.65 3/4, up 2 cents,

Dec 18 Corn is at $3.77 1/4, up 1 1/2 cents

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


Market Commentary provided by:

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