AgriCharts Market Commentary

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Corn

April 26, 2017

Corn futures are currently 3 to 4 cents lower in most contracts on Wednesday. Nervousness about NAFTA has trumped earlier weather concerns. Up to 7 inches of rain is expected between now and Monday in a band including most of AR, MO, IL and IN, eventually halting planting progress. This week’s EIA report showed ethanol production for the week ending April 21 down 6,000 barrels per day (bpd) to 987,000 bpd. At the same time, ethanol stocks were seen as rising 235,000 barrels to 23.269 million barrels. Both the East and West Coasts stocks grew as the Midwest, Gulf and Rocky’s stocks were lowered. Chinese Customs reports only 5,300 MT of corn was imported in March, an almost complete shutdown from all sources as they try to utilize existing stocks.

May 17 Corn is at $3.62 1/4, down 2 3/4 cents,

Jul 17 Corn is at $3.69 3/4, down 2 cents,

Sep 17 Corn is at $3.77, down 1 3/4 cents

Dec 17 Corn is at $3.87, down 2 cents

Corn

April 26, 2017

Corn futures are trading about 1 cent higher after closing 4 to 6 1/4 cents higher on Tuesday. Up to 7 inches of rain is expected between now and Monday in a band including most of AR, MO, IL and IN, eventually halting planting progress. The weekly EIA report will be released this morning at 9:30 a.m. CDT. Last week, production was increased 7,000 barrels per day to 993,000 bpd. Illinois planting progress had a 28% jump over the last week to 34% of the state’s crop planted, while Iowa was only 8% complete as of Sunday. Safras analysts estimate that 83% of the first Brazil corn crop is harvested, vs. 90.5% last year at this time. Chinese Customs reports only 5,300 MT of corn was imported in March, an almost complete shutdown from all sources as they try to utilize existing stocks.

Corn

April 25, 2017

Corn futures closed the day 4 to 6 1/4 cents higher on Tuesday. Moisture is expected in most of the Corn Belt this week, which is likely to be heavy enough to slow planting progress. The weekly EIA report will be released tomorrow morning at 9:30 a.m. CDT. Last week, production was increased 7,000 barrels per day to 993,000 bpd. Illinois planting progress had a 28% jump over the last week to 34% of the state’s crop planted, while Iowa was only 8% complete as of Sunday. Safras Mercado analysts estimate that 83% of the first Brazil corn crop is harvested, vs. 90.5% last year at this time.

May 17 Corn settled at $3.65, up 5 3/4 cents,

Jul 17 Corn settled at $3.71 3/4, up 6 1/4 cents,

Sep 17 Corn settled at $3.78 3/4, up 6 1/4 cents

Dec 17 Corn settled at $3.89, up 5 1/2 cents

Corn

April 25, 2017

Corn futures are trading 4 1/2 to 6 1/4 cents higher, with wet weather thought to be on the way this week. After the close, the USDA released the Crop Progress report, showing planting progress in the US faster than estimates, at 17% complete. That is 11% behind the same time last year, and still 1% below the average of 18%. Illinois led the way, with a 28% jump to 34% of the state’s crop planted, while Iowa was only 8% complete. NASS shows 4% of the crop is already emerged, matching the average of 4% and last year’s 4%.Safras Mercado analysts estimate that 83% of the first Brazil corn crop is harvested, vs. 90.5% last year.

May 17 Corn is at $3.65, up 5 3/4 cents,

Jul 17 Corn is at $3.71 3/4, up 6 1/4 cents,

Sep 17 Corn is at $3.78 1/2, up 6 cents

Dec 17 Corn is at $3.89, up 5 1/2 cents

Corn

April 25, 2017

Corn futures are trading 2 to 2 1/4 cents lower after finishing mostly 1 1/4 to 2 1/2 cents higher on Monday. After the close, the USDA released the Crop Progress report, showing planting progress in the US faster than estimates, at 17% complete. That is 11% behind the same time last year, and still 1% below the average of 18%. NASS shows 4% of the crop is already emerged, matching the average of 4% and last year’s 4%. The USDA Export Inspection report showed corn shipments for the week ending April 20 were 9.28% above last week and 27% higher than a year ago at 1,453,506 MT. Accumulated exports are now 62.24% larger vs. a year ago at 37,340,934 MT. Some of the 2016 crop has tested positive for vomitoxin, with most of the toxin isolated in Indiana, Wisconsin, Ohio, Iowa, and Michigan, according to a Reuters report.


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