AgriCharts Market Commentary

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.

Corn

Corn futures are currently 3 1/4 to 3 3/4 cents higher in the nearby contracts on Friday. Total corn export commitments dropped to 27.36% ahead of last year from 30.58% last week. They are still on pace to reach the USDA projection for final exports, as they are 94% of the number, the same as the 5 year average for this date and ahead of last year’s 90%. China sold 233,660 MT of 2011 and 2012 corn from state reserves at an auction on Friday. They also sold 2.1 MMT of the 2.3 MMT 2013 corn offered at the auction, in addition to sales 3.45 MMT of 4.7 MMT 2013 corn offered on Thursday.

Jul 17 Corn is at $3.73, up 3 3/4 cents,

Sep 17 Corn is at $3.80 1/2, up 3 1/2 cents,

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

Mar 18 Corn is at $4.00 3/4, up 3 1/4 cents

Corn

Corn futures are trading steady to a penny higher this morning after settling Thursday 1 1/4 to 2 1/4 cents in the red. Export sales for last week were light, and weekly exports ran 31.8% below the previous week and were also lower than a year ago at 1.052 MMT. Total corn export commitments dropped to 27.36% ahead of last year from 30.58% last week. They are still on pace to reach the USDA projection for final exports, as they are 94% of the number, the same as the 5 year average for this date and ahead of last year’s 90%. Argentina’s Ag Ministry estimates the country’s 2016/17 corn production at 46.5 MMT. That is sharply higher than the USDA projection of 40 MMT and the Buenos Aires Grain Exchange at 39MMT.

Corn

Corn futures closed the day 1 1/4 to 2 1/4 cents in the red, as export sales were subpar. This morning’s weekly Export Sales report showed old crop corn sales at 457,211 MT, with new crop sales of just 508 MT. Total old and new crop sales were short of the lower end of expectations, and just 52.41% of last week’s total, as they were down 71.87% from last year. Weekly exports ran 31.8% behind last week and 6.45 lower than a year ago at 1.052 MMT. The USDA reported a private export sale of 115,400 MT to unknown destinations for the 16/17 MY but that didn’t move the needle. Argentina’s Ag Ministry estimates the country’s 2016/17 corn production at 46.5 MMT. That is sharply higher than the USDA projection of 40 MMT and the Buenos Aires Grain Exchange at 39MMT.

Jul 17 Corn closed at $3.69 1/4, down 2 cents,

Sep 17 Corn closed at $3.77, down 2 cents,

Dec 17 Corn closed at $3.87 1/2, down 2 1/4 cents

Mar 18 Corn closed at $3.97 1/2, down 1 3/4 cents

Corn

Corn futures are mostly 1 3/4 to 2 cents lower in the nearby contracts at midday. The USDA reported a private export sale of 115,400 MT to unknown destinations for the 16/17 MY but that didn’t move the needle. This morning’s weekly Export Sales report showed old crop corn sales at 457,211 MT, with new crop sales of just 508 MT. Total old and new crop sales were short of the lower end of expectations, and just 52.41% of last week’s total, as they were down 71.87% from last year. Argentina’s Ag Ministry sees the country’s 2016/17 corn crop at 46.5 MMT. That is sharply higher than the USDA projection of 40 MMT and the Buenos Aires Grain Exchange at 39MMT.

Jul 17 Corn is at $3.69 1/4, down 2 cents,

Sep 17 Corn is at $3.77, down 2 cents,

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

Mar 18 Corn is at $3.97 1/2, down 1 3/4 cents

Corn

Corn futures are currently 1 to 1 cents higher after closing 1 3/4 to 2 cents higher on Wednesday. The weekly EIA report in the morning had daily ethanol production at 1.01 million barrels per day last week. It showed ethanol production dropping 17,000 bpd over the week of May 19. Ethanol stocks dropped by 730,000 barrels from the previous week. Every region except the West Coast saw a reduction, with the Midwest losing 474,000 barrels and the Gulf drawn down 340,000 barrels. This is usually indicative of strong export activity. A Reuters survey shows traders expecting USDA to show weekly export sales of .55 to 1.05 MMT this morning. Last week’s result was .873 MMT, down .754 MMT from last year’s 1.627 MMT.


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