AgriCharts Market Commentary

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Corn 1 to 2 Cents Higher on Pre-Weekend Profit Taking

Corn futures are 1 to 2 cents higher this morning after dropping 10 to 11 1/2 cents on Thursday. The weekly Export Sales report showed just 200,009 MT of old crop corn bookings. That was down 68.8% from the same week in 2018 and below trade expectations. Japan was the main buyer of 144,300 MT. New crop sales were tallied at 132,997 MT, within the range of estimates but still 82.83% smaller than this week last year. Total corn export commitments are 15.5% below the same week last year. Compared to the USDA projection, they are 93% complete, vs. the 102% average. Most of that lag is from unshipped sales, as accumulated exports are 84% of that projection and even with the average pace. A Chinese auction of state reserves saw 522,921 MT of corn sold on Thursday, which was 13.47% of the amount offered.

--provided by Brugler Marketing & Management

Corn Closes with Double Digit Losses

Corn futures closed Thursday with the front months 10 to 11 1/2 cents lower. This morning’s weekly Export Sales report showed just 200,009 MT of old crop corn bookings in the week that ended on July 11. That was down 68.8% from the same week in 2018 and below trade expectations. Japan was the main buyer of 144,300 MT. New crop sales were tallied at 132,997 MT, within the range of estimates but still 82.83% below this week last year. Total corn export commitments are 15.5% below the same week last year. Compared to the USDA projection, they are 93% complete, vs. the 102% average. Most of that lag is from unshipped sales, as accumulated exports are 84% of that projection and even with the average pace. A Chinese auction of state reserves saw 522,921 MT of corn sold on Thursday, which was 13.47% of the amount offered.

SEP 19 Corn closed at $4.24 1/2, down 11 1/2 cents,

DEC 19 Corn closed at $4.29 3/4, down 11 3/4 cents,

MAR 20 Corn closed at $4.38 1/4, down 10 1/2 cents

MAY 20 Corn closed at $4.42 1/4, down 10 cents

--provided by Brugler Marketing & Management

Corn Lower on Thursday

Corn futures are trading 8 to 9 1/4 cents lower in the nearby contracts at midday. This morning’s weekly Export Sales report showed just 200,009 MT of old crop corn bookings in the week that ended on July 11. That was down 68.8% from the same week in 2018 and below trade expectations. Japan was the main buyer of 144,300 MT. New crop sales were tallied at 132,997 MT, within the range of estimates but still 82.83% below this week last year. A Chinese auction of state reserves saw 522,921 MT of corn sold on Thursday, which was 13.47% of the amount offered.

SEP 19 Corn is at $4.27 1/4, down 8 3/4 cents,

DEC 19 Corn is at $4.32 1/4, down 9 1/4 cents,

MAR 20 Corn is at $4.40 1/4, down 8 1/2 cents

MAY 20 Corn is at $4.44 1/4, down 8 cents

--provided by Brugler Marketing & Management

Corn Market 5 to 6 Cents Lower

Corn futures are trading 5 to 6 cents per bushel lower ahead of the weekly Export Sales report. With the exception of one contract they were fractionally higher on Wednesday. EIA reported weekly ethanol production at 1.066 million barrels per day in the week of July 12. That was a jump of 19,000 bpd from the week prior and slightly above the same week last year. Implied corn consumption still lags the pace to meet the USDA forecast for the year. Stocks on that date were 23.365 million barrels, 356,000 barrels above last week and historically high for July. Trade ideas for the USDA Export Sales report have old crop corn running 250,000-500,000 MT, with new crop at 100,000-300,000 MT for the week of July 11. --provided by Brugler Marketing & Management

Corn Market Fractionally Higher At the Close

Corn futures closed the Wednesday session with most contracts fractionally higher. EIA reported weekly ethanol production at 1.066 million barrels per day in the week of July 12. That was a jump of 19,000 bpd from the week prior and slightly above the same week last year. Stocks on that date were 23.365 million barrels, 356,000 barrels above last week. Export Sales estimates for old crop corn ahead of tomorrow morning’s USDA release are running 250,000-500,000 MT, with new crop at 100,000-300,000 MT for the week of July 11.

SEP 19 Corn closed at $4.36, up 3/4 cent,

DEC 19 Corn closed at $4.41 1/2, up 1/4 cent,

MAR 20 Corn closed at $4.48 3/4, up 1/4 cent

MAY 20 Corn closed at $4.52 1/4, up 1/4 cent

--provided by Brugler Marketing & Management


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com