AgriCharts Market Commentary

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Corn

Corn futures settled mostly 5 1/2 cents lower on Thursday. Weekly data released by EIA put ethanol production for the week ending 2/17 at 1.034 million barrels per day (bpd). That is 6,000 bpd fewer than the week previous and the lowest production since 12/23. Meanwhile, ethanol stocks rose to 22.669 million barrels, 169,000 more than the week before. The USDA OCE projected 2017 corn acreage in their Ag Outlook Forum this morning, at 90 million acres (ma). That is a 4.3% change from last year’s 94 ma. They also project average corn prices to rise 10 cents to $3.50 for 2017/18 from $3.40 this year. Trade estimates for tomorrow’s export sales report are for corn sales to be between 800,000 and 1,100,000 MT for old crop, and 300,000 to 500,000 MT for new crop.

Mar 17 Corn settled at $3.65 1/2, down 5 1/2 cents,

May 17 Corn settled at $3.72 1/2, down 5 3/4 cents,

Jul 17 Corn settled at $3.79 3/4, down 5 3/4 cents

Sep 17 Corn settled at $3.85 3/4, down 5 1/2 cents

Corn

Corn futures are mostly 3 3/4 cents lower at midday. Weekly data released by EIA put ethanol production for the week ending 2/17 at 1.034 million barrels per day (bpd). That is 6,000 bpd fewer than the week previous and the lowest production since 12/23. Meanwhile, ethanol stocks rose to 22.669 million barrels, 169,000 more than the week before. The USDA OCE projected 2017 corn acreage in their Ag Outlook Forum this morning, at 90 million acres (ma). That is a 4.3% change from last year’s 94 ma. They also projects average corn prices to rise 10 cents to $3.50 for 2017/18 from $3.40 this year. AgroConsult estimated Brazil’s 16/17 corn crop at 93 MMT, vs. the USDA projection of 86.5 MMT.

Mar 17 Corn is at $3.67 1/4, down 3 3/4 cents,

May 17 Corn is at $3.74 1/4, down 4 cents,

Jul 17 Corn is at $3.81 3/4, down 3 3/4 cents

Sep 17 Corn is at $3.87 1/2, down 3 3/4 cents

Corn

Corn futures are currently 1/4 to 3/4 lower, after closing Wednesday 1 3/4 cents higher in most contracts. South Korea purchased 55,000 MT of US corn early Wednesday morning with delivery May 10-25. Private exporters reported a cancellation to the USDA yesterday morning of 136,000 MT of optional origin corn to South Korea for 16/17. Weekly ethanol data from the EIA report will be released this morning due to the Monday holiday. President Trump stated in a letter to the Renewable Fuels Association (RFA) that “renewables are essential to US energy strategy.” While the main breakout sessions for grains are on Friday, there will be a key note address scheduled for 8:05 am on Ag and Trade.

Corn

Corn futures closed Wednesday 1 3/4 cents higher in most contracts. South Korea purchased 55,000 MT of US corn earlier this morning with delivery May 10-25. Private exporters reported a cancellation to the USDA this morning of 136,000 MT of optional origin corn to South Korea for 16/17. Weekly ethanol data from the EIA report will be released Thursday morning due to the shorter week. President Trump stated in a letter to the Renewable Fuels Association (RFA) that “renewables are essential to US energy strategy.”

Mar 17 Corn settled at $3.71, up 1 3/4 cents,

May 17 Corn settled at $3.78 1/4, up 1 3/4 cents,

Jul 17 Corn settled at $3.85 1/2, up 1 3/4 cents

Sep 17 Corn settled at $3.91 1/4, up 1 3/4 cents

Corn

Corn futures are trading slightly higher thus far today, with March 17 up 1 3/4 cents. South Korea purchased 55,000 MT of US corn earlier this morning with delivery on May 10-25. Private exporters reported a cancellation to the USDA this morning of 136,000 MT of optional origin corn to South Korea for 16/17. Weekly ethanol data from the EIA report will be released Thursday morning due to the shorter week. DTN's national average cash corn price lost 5 3/4 cents last week, after logging the highest Board and cash prices since late June.

Mar 17 Corn is at $3.71, up 1 3/4 cents,

May 17 Corn is at $3.78, up 1 1/2 cents,

Jul 17 Corn is at $3.85, up 1 1/4 cents

Sep 17 Corn is at $3.90 3/4, up 1 1/4 cents


Market Commentary provided by:

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