AgriCharts Market Commentary

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Corn

Corn futures are trading to 1 cent per bushel lower this morning. They ended the Wednesday session with most contracts 5 to 6 cents higher, following wheat. Wednesday’s weekly EIA report showed ethanol production for the week that ended 4/20 dropping 24,000 barrels per day to 985,000 bpd. That is the lowest weekly production (and implied corn consumption) since the week of October 6. Ethanol stocks rose 357,000 barrels despite the cutback, to 21.701 million barrels. The Midwest was the only region to see stocks shrink. The average trade guess for USDA old crop weekly export sales is 0.8-1.2 MMT, with new crop ranging 200,000-400,000 MT. The USDA report will be released at 7:30 AM CDT. China’s corn acreage is expected to be down nearly 823,000 acres from last year in effort to help trim stocks.

Corn

Corn futures ended the Wednesday session with most contracts 5 to 6 cents higher, following wheat. Wednesday’s weekly EIA report showed ethanol production for the week that ended 4/20 dropping 24,000 barrels per day to 985,000 bpd. That is the lowest weekly production total since the week of October 6 last year. Stocks of ethanol were 357,000 barrels higher than the previous week at 21.701 million barrels. The Midwest was the only region to see stocks shrink. The average trade guess for old crop export sales ahead of tomorrow is 0.8-1.2 MMT, with new crop ranging 200,000-400,000 MT. China’s corn acreage is expected to be down nearly 823,000 acres from last year in effort to help trim stocks. Brazil’s second crop is experiencing some dryness in Parana, the country’s second largest corn producing state.

May 18 Corn closed at $3.86 1/2, up 5 1/4 cents,

Jul 18 Corn closed at $3.95 3/4, up 5 3/4 cents,

Sep 18 Corn closed at $4.03, up 5 3/4 cents

Dec 18 Corn closed at $4.12 1/4, up 5 3/4 cents

Corn

Corn futures are mostly 5 to 6 cents higher at midday. Wednesday’s weekly EIA report showed ethanol production for the week that ended 4/20 dropping 24,000 barrels per day to 985,000 bpd. That is the lowest weekly production total since the week of October 6 last year. Stocks of ethanol were 357,000 barrels higher than the previous week at 21.701 million barrels. The Midwest was the only region to see stocks shrink. The average trade guess for old crop export sales ahead of tomorrow is 0.8-1.2 MMT, with new crop ranging 200,000-400,000 MT. China’s corn acreage is expected to be shown at 87.48 million acres in 2018, down nearly 823,000 acres from last year in effort to help trim stocks. Production of Brazil’s second crop is experiencing some dryness in Parana, the country’s second largest corn producing state.

May 18 Corn is at $3.86 1/2, up 5 1/4 cents,

Jul 18 Corn is at $3.95 3/4, up 5 3/4 cents,

Sep 18 Corn is at $4.03, up 5 3/4 cents

Dec 18 Corn is at $4.11 3/4, up 5 1/4 cents

Corn

Corn futures are currently 1-2 cents higher after ending Tuesday with 1 to 2 3/4 cent gains. Planting Progress in the Corn Belt was well below the average pace, with IA still officially at 0%, IL at 4%, and NE at 2% planted. TX was the only one of the 18 states to show progress ahead of the normal pace. Progress should be made this week with soil temps improving and drier weather throughout most of the Corn Belt. The weekly EIA report will be released on Wednesday showing ethanol production for the week of April 20. Ethanol stocks have been drawn down in recent weeks. Analysts are expecting Stats Canada to show 3.583 million acres of Canadian corn intended to be planted in 2018 this week, up slightly from last year.

Corn

Corn futures closed the day with 1 to 2 3/4 cent gains. Progress along the Corn Belt was well below the average, with IA still at 0%, IL at 4%, and NE at 2% planted. TX was the only of the 18 states reported to show progress above the normal pace. Progress should be made this week with soil temps improving and drier weather throughout most of the Corn Belt. The weekly EIA report will be released on Wednesday showing ethanol production for the week of April 20. Analysts are expecting Stats Canada to show 3.583 million acres of Canadian corn intended to be planted in 2018, up slightly from last year.

May 18 Corn closed at $3.81 1/4, up 2 3/4 cents,

Jul 18 Corn closed at $3.90, up 2 1/2 cents,

Sep 18 Corn closed at $3.97 1/4, up 2 1/4 cents

Dec 18 Corn closed at $4.06 1/2, up 2 1/4 cents


Market Commentary provided by:

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