AgriCharts Market Commentary

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Corn

August 18, 2017

Corn futures closed Friday with most contracts 1 1/4 to 1 3/4 higher. Nearby Sep lost 2.43% on the week. Friday’s Commitment of Traders report indicated managed money backing off their net long position by another 27,271 contracts in corn futures and options trading. They had net position of +39,802 contracts as of Tuesday August 15. On Friday, China sold 494,714 MT of corn from 2013 and 2014, which was 40.25% of the more that 1.229 MMT offered. The Buenos Aires Grain exchange estimates the Argentine corn harvest at 85.4% complete.

Sep 17 Corn closed at $3.52, up 1 1/2 cents,

Dec 17 Corn closed at $3.65 3/4, up 1 1/2 cents,

Mar 18 Corn closed at $3.77 3/4, up 1 1/2 cents

May 18 Corn closed at $3.84, up 1 3/4 cents

Corn

August 18, 2017

Corn futures are mostly 1 1/2 cents higher in the nearby contracts at midday. Total old crop export commitments are 13.41% above last year, at 56.47 MMT. With just 3 weeks left in the marketing year, commitments for corn are 100% of the USDA projection, lagging the average of 104% and last year’s 107%. Thus, there is some risk of missing the estimate. The bounce this morning appears to be mostly tied to a weaker dollar and some profit taking by early week sellers. On Friday, China sold 494,714 MT of corn from 2013 and 2014, which was 40.25% of the more that 1.229 MMT offered. The Buenos Aires Grain exchange estimates the Argentine corn harvest at 85.4% complete.

Sep 17 Corn is at $3.52, up 1 1/2 cents,

Dec 17 Corn is at $3.65 3/4, up 1 1/2 cents,

Mar 18 Corn is at $3.77 3/4, up 1 1/2 cents

May 18 Corn is at $3.83 3/4, up 1 1/2 cents

Corn

August 18, 2017

Corn futures are fractionally higher this morning. They ended Thursday with most contracts 1 to 2 1/4 cents lower. The USDA indicated 698,461 MT of corn reported for shipment for the week of August 10, well below last year (when Brazil had a drought and was out of the market). Total export commitments are 13.41% above last year, at 56.47 MMT. With just 3 weeks left in the marketing year, commitments for corn are 100% of the USDA projection, lagging the average of 104% and last year’s 107%. Thus, there is some risk of missing the estimate. On Thursday, China sold 123,811 MT of corn from 2014, with an additional 15,000 MT of 2013 corn being sold at an auction of state reserves. That was just 17.14% of the total amount offered.

Corn

August 17, 2017

Corn futures closed Thursday with most contracts 1 to 2 1/4 cents lower. The USDA indicated old crop sales of 62,424 MT, as 671,767 MT of new crop sales were reported for the week of August 10. That was on the higher end of expectations, as total sales were 7.9% larger than last week but are still 39.33% below this time last year. A large portion of 16/17 sales were reported as switched from unknown destinations, as there was a net reduction of 260,800 MT shown for unknown. There was also 698,461 MT of corn reported for shipment, well below this time last year. On Thursday, China sold 123,811 MT of corn from 2014, with an additional 15,000 MT of 2013 corn being sold at an auction of state reserves. That was just 17.14% of the total amount offered.

Sep 17 Corn closed at $3.50 1/2, down 2 cents,

Dec 17 Corn closed at $3.64 1/4, down 2 1/4 cents,

Mar 18 Corn closed at $3.76 1/4, down 2 cents

May 18 Corn closed at $3.82 1/4, down 2 1/4 cents

Corn

August 17, 2017

Corn futures are 2 1/4 to 2 3/4 cents lower in the nearby contracts at midday. The USDA indicated old crop sales of 62,424 MT, as 671,767 MT of new crop sales were reported for the week of August 10. That was on the higher end of expectations, as total sales were 7.9% larger than last week but are still 39.33% below this time last year. A large portion of 16/17 sales were reported as switched from unknown destinations, as there was a net reduction of 260,800 MT shown for unknown. On Thursday, China sold 123,811 MT of corn from 2014, with an additional 15,000 MT of 2013 corn being sold at an auction of state reserves. That was just 17.14% of the total amount offered.

Sep 17 Corn is at $3.50 1/4, down 2 1/4 cents,

Dec 17 Corn is at $3.63 3/4, down 2 3/4 cents,

Mar 18 Corn is at $3.75 3/4, down 2 1/2 cents

May 18 Corn is at $3.82, down 2 1/2 cents


Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
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