AgriCharts Market Commentary

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Corn

Corn futures closed the day fractionally higher in most contacts, getting a little help from wheat. The US corn harvest was reported at 11% this afternoon, compared to the average of 17% for this week. National corn condition ratings were unchanged on the gd/ex ratings at 51%, but up 1 on the Brugler500 to 358 as 1% was moved from good to excellent.The USDA announced exports of 738,779 MT for the week of September 21 this morning. That is 7.38% larger than last week and 45.58% behind the same week a year ago. Inspections YTD (through the first three weeks of the 17/18 marketing year) are less than half of the same time period last year. Chinese imports of corn during August totaled 380,000 MT nearly 14 times larger than August 2016, but just a drop in the bucket compared to what they used to buy.

Dec 17 Corn closed at $3.53 3/4, up 1/4 cent,

Mar 18 Corn closed at $3.66 1/2, up 1/2 cent,

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

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

Corn

Corn futures are mostly 1 1/4 to 1 1/2 cents lower on Monday. The USDA announced exports of 738,779 MT for the week of September 21 this morning. That is 7.38% larger than last week and 45.58% behind the same week a year ago. Inspections YTD (through the first three weeks of the 17/18 marketing year) are less than half of the same time period last year. The US corn harvest is expected to be 14% complete in this afternoon’s Crop Progress report. Analysts surveyed by Bloomberg are expecting The Friday Grain Stocks report to show 2.346 billion bushels. Chinese imports of corn during August totaled 380,000 MT nearly 14 times larger than August 2016, but just a drop in the bucket compared to what they used to buy.

Dec 17 Corn is at $3.52, down 1 1/2 cents,

Mar 18 Corn is at $3.64 3/4, down 1 1/4 cents,

May 18 Corn is at $3.73, down 1 1/2 cents

Jul 18 Corn is at $3.80, down 1 1/2 cents

Corn

Corn futures are currently 2 to 2 cents lower after settling Friday with 2 to 3 1/2 cent gains. December was 1 1/4 cent lower on the week. Rains forecast for this week could slow corn harvest in most of the WCB. This Friday at 11:00 a.m. will be the release of the Sept 1 Grain Stocks report. Analysts surveyed by Bloomberg are expecting The Friday Grain Stocks report to show 2.346 billion bushels. Friday’s Commitment of Traders report indicated spec traders expanding their net short position another 15,194 contracts in corn futures and options. They had a net position of -134,606 contracts as of September 19. China sold 1.75 MMT of the 2.1 MMT of corn offered at their auction of state reserves on Friday.

Corn

Corn futures settled Friday with 2 to 3 1/2 cent gains, as Dec was 1 1/4 cent lower on the week. Rains over the next week could slow corn harvest in most of the WCB. Next Friday at 11:00 a.m. will be the release of the Sept 1 Grain Stocks report. The wire services are accumulating trade estimates today, with release expected over the weekend or on Monday. Friday’s Commitment of Traders report indicated spec traders expanding their net short position another 15,194 contracts in corn futures and options. They had a net position of -134,606 contracts as of September 19. China’s Sinograin sold 1.75 MMT of the 2.1 MMT of corn offered at their auction of state reserves on Friday.

Dec 17 Corn closed at $3.53 1/2, up 3 1/4 cents,

Mar 18 Corn closed at $3.66, up 3 cents,

May 18 Corn closed at $3.74 1/2, up 3 1/4 cents

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

Corn

Corn futures settled Friday with 2 to 3 1/2 cent gains, as Dec was 1 1/4 cent lower on the week. Rains over the next week could slow corn harvest in most of the WCB. Next Friday at 11:00 a.m. will be the release of the Sept 1 Grain Stocks report. The wire services are accumulating trade estimates today, with release expected over the weekend or on Monday. Friday’s Commitment of Traders report indicated spec traders expanding their net short position another 15,194 contracts in corn futures and options. They had a net position of -134,606 contracts as of September 19. China’s Sinograin sold 1.75 MMT of the 2.1 MMT of corn offered at their auction of state reserves on Friday.

Dec 17 Corn closed at $3.53 1/2, up 3 1/4 cents,

Mar 18 Corn closed at $3.66, up 3 cents,

May 18 Corn closed at $3.74 1/2, up 3 1/4 cents

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


Market Commentary provided by:

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