AgriCharts Market Commentary

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Corn

January 19, 2018

Corn futures saw steady to 1 1/4 cent gains on Friday, as March was up 1.81% on the week. This morning, the USDA showed the old crop corn export sales blowing past expectations at 1.888 MMT (74.3 million bushels). That was 38.08% larger than the same week in 2017. Unknown destinations purchased nearly 770,200 MT, with Japan buying 415,600 MT. There were also 2,413 MT in new crop sales. Export shipments were a different story, as they fell 25.9% from the previous week at 659,710 MT, down 28.9% from a year ago. Most of those shipments were to Mexico (252,000 MT) and Japan (216,600 MT). Argentina’s early corn crop was rated at 12% gd/ex and 44.9% poor/very poor by the Buenos Aires Grain Exchange, compared to last year’s 33.4% gd/ex and 32.7% p/vp at this time.

Mar 18 Corn closed at $3.52 1/2, up 1 cent,

May 18 Corn closed at $3.60 3/4, up 1 1/4 cents,

Jul 18 Corn closed at $3.69, up 1 1/4 cents

Sep 18 Corn closed at $3.76 1/2, up 1 1/4 cents

Corn

January 19, 2018

Corn futures are showing fractional gains so far on Friday. Expectations for old Crop corn export sales ran 500,000-800,000 MT for the week of Jan 11. This morning, the USDA showed the actual numbers blowing past that at 1.888 MMT (74.3 million bushels) for old crop. That was 38.08% larger than the same week in 2017 and the second largest weekly sale total in the 17/18 marketing year. Unknown destinations purchased nearly 770,200 MT, with Japan buying 415,600 MT. There were also 2,413 MT in new crop sales. Argentina’s early corn crop was rated at 12% gd/ex and 44.9% poor/very poor by the Buenos Aires Grain Exchange, compared to last year’s 33.4% gd/ex and 32.7% p/vp at this time.

Mar 18 Corn is at $3.52, up 1/2 cent,

May 18 Corn is at $3.60, up 1/2 cent,

Jul 18 Corn is at $3.68 1/4, up 1/2 cent

Sep 18 Corn is at $3.76, up 3/4 cent

Corn

January 19, 2018

Corn futures are currently 1 to 1 1/2 cents higher after closing 1 to 1 1/2 cents lower on Thursday. The weekly EIA report showed ethanol production recovering 65,000 barrels per day to 1.061 million bpd. That implies corn use of 109-110 million bushels per week before DDG netback. Stocks of ethanol rose just 24,000 barrels to 22.743 million barrels during the week of Jan 12. Old Crop corn export sales are seen at 500,000-800,000 MT for the week of Jan 11, with the USDA already showing private sales of 442,100 MT for that week. A Farm Futures survey shows 18/19 corn acreage expectations of 90.1 million acres, down 100,000 acres from 17/18. The International Grains Council raised their projection for 2017/18 world corn production 14 MMT to 1.054 MMT, with increases in the EU and China.

Corn

January 18, 2018

Corn futures closed the Thursday session with most contracts 1 to 1 1/2 cents lower. The weekly EIA report showed ethanol production recovering 65,000 barrels per day to 1.061 million bpd. That is the largest week to week improvement on record. Stocks of ethanol rose just 24,000 barrels to 22.743 million barrels during the week of Jan 12. Old Crop corn export sales are seen at 500,000-800,000 MT for the week of Jan 11, with the USDA already showing private sales of 442,100 MT for that week. That report will be out tomorrow morning. A Farm Futures survey shows 18/19 corn acreage expectations of 90.1 million acres, down 100,000 acres from 17/18. The International Grains Council raised their projection for 2017/18 world corn production 14 MMT to 1.054 MMT, with increases in the EU and China.

Mar 18 Corn closed at $3.51 1/2, down 1 1/2 cents,

May 18 Corn closed at $3.59 1/2, down 1 1/2 cents,

Jul 18 Corn closed at $3.67 3/4, down 1 1/2 cents

Sep 18 Corn closed at $3.75 1/4, down 1 1/2 cents

Corn

January 18, 2018

Corn futures are backing off yesterday’s modest gains, as most contracts are 1 to 1 1/2 cents lower on Thursday. The weekly EIA report showed ethanol production recovering 65,000 barrels per day to 1.061 million bpd. That is the largest week to week improvement on record. Stocks of ethanol rose just 24,000 barrels to 22.743 million barrels during the week of Jan 12. Old Crop corn export sales are seen at 500,000-800,000 MT for the week of Jan 11, with the USDA already showing private sales of 442,100 MT for that week. That report will be out tomorrow morning. A Farm Futures survey shows 18/19 corn acreage expectations of 90.1 million acres, down 100,000 acres from 17/18. The International Grains Council raised their projection for 2017/18 world corn production 14 MMT to 1.054 MMT, with increases in the EU and China. On Thursday, Taiwan purchased 65,000 MT of US corn for March-April shipment.

Mar 18 Corn is at $3.51 1/2, down 1 1/2 cents,

May 18 Corn is at $3.59 3/4, down 1 1/4 cents,

Jul 18 Corn is at $3.67 3/4, down 1 1/2 cents

Sep 18 Corn is at $3.75 1/4, down 1 1/2 cents


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