AgriCharts Market Commentary

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Corn

Corn futures finished Wednesday trade with most contracts rebounding to finish 3 to 4 1/4 cents in the green. Analysts are expecting Thursday morning’s Export Sales report to show 200,000-500,000 MT of old crop sales, with 200,000-400,000 MT in new crop sales. This morning’s EIA report indicated weekly ethanol production for the week of July 21 was down 14,000 barrels per day from the previous week to 1.012 million bpd. Assuming a 2.8 gallon/bushel yield, total corn usage for ethanol is now at 5.017 billion bushels for the 16/17 marketing year. Ethanol stocks were reported at 21.529 million barrels, down 608,000 barrels from last week, as the Midwest and Rockies were the only regions to see an increase.

Sep 17 Corn closed at $3.72 3/4, up 4 cents,

Dec 17 Corn closed at $3.86, up 3 3/4 cents,

Mar 18 Corn closed at $3.97 3/4, up 4 1/4 cents

May 18 Corn closed at $4.02 3/4, up 4 cents

Corn

Corn futures are currently 1/2 cent to a penny in the green at midday. This morning’s EIA report indicated weekly ethanol production for the week of July 21 was down 14,000 barrels per day from the previous week to 1.012 million bpd. Assuming a 2.8 gallon/bushel yield, total corn usage for ethanol is now at 5.017 billion bushels for the 16/17 marketing year. Ethanol stocks were reported at 21.529 million barrels, down 608,000 barrels from last week, as the Midwest and Rockies were the only regions to see an increase.

Sep 17 Corn is at $3.69 3/4, up 1 cent,

Dec 17 Corn is at $3.82 3/4, up 1/2 cent,

Mar 18 Corn is at $3.94 1/2, up 1 cent

May 18 Corn is at $3.99 3/4, up 1 cent

Corn

Corn futures are trading fractionally lower this morning. They closed Tuesday with losses of 6 to 8 1/2 cents in most contracts. Monday’s USDA Crop Progress report showed most states behind their averages for Silking and dough stages, with Southeastern states slightly ahead of their averages. Conditions for both CO and PA were 25 points lower than last week, with NE down 9 and IA 6 points lower. Dr. Michael Cordonnier lowered his projected 2017 US corn yield 1.5 bpa from the previous estimate to 163.5 bpa. China will offer 800,000 of 2014 corn on Thursday, with another 3.65 MMT of 2013 and 2014 corn to be offered on Friday.

Corn

Corn futures closed Tuesday with losses of 6 to 8 1/2 cents in most contracts, down from overnight gains as forecasts for rains outweighed lower crop conditions. Monday’s USDA Crop Progress report showed most states behind their averages for Silking and dough stages, with Southeastern states slightly above their averages. Conditions for both CO and PA were 25 points lower than last week, with NE down 9 and IA 6 points lower. Dr. Michael Cordonnier lowered his projected 2017 US corn yield 1.5 bpa from the previous estimate to 163.5 bpa. China will offer 800,000 of 2014 corn on Thursday, with another 3.65 MMT of 2013 and 2014 corn to be offered on Friday.

Sep 17 Corn closed at $3.68 3/4, down 8 1/2 cents,

Dec 17 Corn closed at $3.82 1/4, down 8 1/2 cents,

Mar 18 Corn closed at $3.93 1/2, down 8 1/2 cents

May 18 Corn closed at $3.98 3/4, down 8 1/4 cents

Corn

Corn futures are trading mostly 5 3/4 cents lower at midday, down from overnight gains as forecasts for rains are outweighing lower crop conditions. The USDA Crop Progress report showed 67% of the crop was silking as of July 23, with 8% of the corn crop in the dough stage. Conditions for last week were reported at 62% good/excellent, down 2% from the previous week. The Brugler500 index was at 359, 4 points lower than last week and 30 points below last year. Both CO and PA were 25 points lower than last week, with NE down 9 and IA down 6 points. Dr. Michael Cordonnier lowered his projected 2017 US corn yield 1.5 bpa from the previous estimate to 163.5 bpa.

Sep 17 Corn is at $3.71 1/2, down 5 3/4 cents,

Dec 17 Corn is at $3.85, down 5 3/4 cents,

Mar 18 Corn is at $3.96 1/4, down 5 3/4 cents

May 18 Corn is at $4.01 1/4, down 5 3/4 cents


Market Commentary provided by:

Brugler Marketing & Management LLC
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