AgriCharts Market Commentary

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Corn

Corn futures ended the pre-Thanksgiving session with most contracts steady to a penny higher. They showed little reaction to last week’s record ethanol production (corn use >111 mbu for the week using a 2.84 gal/bu yield), as huge stocks and large US production are weighing on the market. This morning’s weekly EIA report indicated a record 1.074 million barrels per day of ethanol was produced during the week of November 17. That blew past the previous record of 1.06 million bpd, as ethanol stocks rose 400,000 barrels to 21.897 million barrels. Corn export sales during the week of 11/16 are projected to come in at 0.9 to 1.3 MMT in Friday morning’s Export sales report, based on trade surveys.

Dec 17 Corn closed at $3.45 1/4, up 1/4 cent,

Mar 18 Corn closed at $3.57, up 3/4 cent,

May 18 Corn closed at $3.65 1/4, up 3/4 cent

Jul 18 Corn closed at $3.73 1/4, up 1 cent

Corn

Corn futures are trading fractionally higher on Wednesday. They are showing little reaction to last week’s record ethanol production (corn use >106 mbu for the week), as huge stocks and large US production are weighing on the market. This morning’s weekly EIA report indicated a record 1.074 million barrels per day of ethanol was produced during the week of November 17. That blew past the previous record of 1.06 million bpd, as ethanol stocks rose 400,000 barrels to 21.897 million barrels. Corn export sales during the week of 11/16 are projected to come in at 0.9 to 1.3 MMT in Friday morning’s Export sales report.

Dec 17 Corn is at $3.45 1/4, up 1/4 cent,

Mar 18 Corn is at $3.56 3/4, up 1/2 cent,

May 18 Corn is at $3.65 1/4, up 3/4 cent

Jul 18 Corn is at $3.73, up 3/4 cent

Corn

Corn futures are hovering near UNCH this morning after closing the Tuesday session steady to fractionally mixed. As of Monday night, the average cash corn price in the US was $3.08 1/4 just 2 cents below last year with slower exports and larger carryover. The national basis was at -36 3/4 cents, 2 3/4 stronger than a year ago. Safras & Mercado estimates that 61% of Brazil’s 2017 second corn crop has been sold by producers, compared to 83.3% in the same timeframe last year. The 2017/18 first crop plantings (about 82% done) may only cover 3.85 mHA vs 5.3 mHA last year.

Corn

Corn futures closed the Tuesday session steady to fractionally mixed. As of Monday night, the average cash corn price in the US was $3.08 1/4 just 2 cents below last year with slower exports and larger carryover. The national basis was at -36 3/4 cents, 2 3/4 stronger than a year ago. Last year at this time showed 6 of the 18 major production states 100% harvested and 5 others with 97% complete. As of Sunday, the USDA showed only a total of 3 states at 97% or more with TN and NC 100% complete. This is not a market factor, with overall stocks levels high. Safras & Mercado estimate that 61% of Brazil’s 2017 second corn crop is sold, compared to 83.3% in the same timeframe last year.

Dec 17 Corn closed at $3.45, unch,

Mar 18 Corn closed at $3.56 1/4, down 1/4 cent,

May 18 Corn closed at $3.64 1/2, down 1/4 cent

Jul 18 Corn closed at $3.72 1/4, down 1/4 cent

Corn

Corn futures are mostly 1-2 cents higher so far on Tuesday. Monday afternoon’s USDA Crop Progress report showed corn harvest 90% completed. Last year at this time showed 6 of the 18 major production states 100% harvested and 5 others with 97% complete. As of Sunday, the USDA showed only a total of 3 states at 97% or more with TN and NC 100% complete This is not a market factor, with overall stocks levels high. As of Monday night, the average cash corn price in the US was $3.08 1/4 just 2 cents below last year with slower exports and larger carryover. The national basis was at -36 3/4 cents, 2 3/4 stronger than a year ago.

Dec 17 Corn is at $3.44, down 1 cent,

Mar 18 Corn is at $3.55, down 1 1/2 cents,

May 18 Corn is at $3.63 1/4, down 1 1/2 cents

Jul 18 Corn is at $3.71, down 1 1/2 cents


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
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