AgriCharts Market Commentary

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Corn

Corn futures are trading fractionally lower this morning after posting fractional gains on Wednesday. We’ll get the delayed weekly EIA ethanol report this morning. Ethanol production fell to 1.016 million bpd in last week’s report. Ahead of the USDA Ag Outlook Forum, a Reuters survey showed analysts expect USDA to put 2018 corn planted acreage at 89.902 million acres, slightly lower than 2017. They also estimate that production will run nearly 270 mbu below 17/18 at 14.333 bbu. With the lighter production projected, traders see the USDA placing the 18/19 US ending stocks number around 2.129 bbu, which would be down 223 mbu from the current 17/18 number. An Argentina private consultant firm Agripac estimates the country’s 17/18 corn crop at 37 MMT, compared to the USDA’s 39 MMT.

Corn

Corn futures showed fractional gains on Wednesday. The weekly EIA report will be delayed until Thursday morning, as ethanol production fell to 1.016 million bpd in last week’s report. Ahead of the USDA Ag Outlook Forum, a Reuters survey of analysts shows expectations for 2018 corn planted acreage at 89.902 million acres, slightly lower than 2017. They also estimate that production will run nearly 270 mbu below 17/18 at 14.333 bbu. With the lighter production projected, traders see the USDA placing the 18/19 US ending stocks number around 2.129 bbu, down 223 mbu from the current 17/18 number. An Argentina private consultant firm Agripac estimates the country’s 17/18 corn crop at 37 MMT, compared to the USDA’s 39 MMT.

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

May 18 Corn closed at $3.74, up 1/4 cent,

Jul 18 Corn closed at $3.81 3/4, up 1/4 cent

Sep 18 Corn closed at $3.88 3/4, up 1/2 cent

Corn

Corn futures are showing fractional gains at Wednesday’s midday. The weekly EIA report will be delayed until Thursday morning, due to Monday’s holiday. Ahead of the USDA Ag Outlook Forum, a Reuters survey of analysts shows expectations for 2018 corn planted acreage at 89.902 million acres, slightly lower than 2017. They also estimate that production will run nearly 270 mbu below 17/18 at 14.333 bbu. An Argentina private consultant firm Agripac estimates the country’s 17/18 corn crop at 37 MMT, compared to the USDA’s 39 MMT.

Mar 18 Corn is at $3.66 1/4, up 3/4 cent,

May 18 Corn is at $3.74 1/2, up 3/4 cent,

Jul 18 Corn is at $3.82, up 1/2 cent

Sep 18 Corn is at $3.88 3/4, up 1/2 cent

Corn

Corn futures are trading 1 to 1 cent higher this morning. They ended Tuesday with 1-2 cent losses, following wheat into the red. Tuesday morning’s USDA Export Inspections report showed 938,099 MT in corn shipments during the week of 2/15. That was up 10.87% from the previous week but still lags the same time last year by 20.64%. Since the beginning of September, the US has shown 16.645 MMT in export inspections for corn. That is down 31.93% from the same timeframe in the 16/17 MY. The weekly EIA report will be delayed until Thursday morning, due to Monday’s holiday.

Corn

Corn futures closed the day with 1-2 cent losses following wheat into the red. This morning’s USDA Export Inspections report showed 938,099 MT in corn shipments during the week of 2/15. That was up 10.87% from the previous week but still lags the same time last year by 20.64%. Since the beginning of September, the US has shown 16.645 MMT in export inspections for corn. That is down 31.93% from the same timeframe in the 16/17 MY. The weekly EIA report will be delayed until Thursday morning, due to Monday’s holiday.

Mar 18 Corn closed at $3.65 1/2, down 2 cents,

May 18 Corn closed at $3.73 3/4, down 1 1/4 cents,

Jul 18 Corn closed at $3.81 1/2, down 1 1/4 cents

Sep 18 Corn closed at $3.88 1/4, down 1 1/4 cents


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