AgriCharts Market Commentary

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Corn

August 20, 2018

Corn futures closed the Monday session with most contracts down 2 to 3 cents. Pressure was felt from widespread rains across the WCB. This morning’s USDA Export Inspections report indicated that 1.097 MMT of corn was shipped in the week that ended on August 16. That was down 13.13% from the week prior but 52.27% larger than the same week in 2017. Total YTD exports are now lagging last year by just 0.28% with just over 2 weeks left in the 17/18 MY. This afternoon’s Crop Progress report put the corn crop at 85% dough stage (72% avg) and 44% dented (26% avg) as of August 19. Condition ratings were down 5 points on the Brugler500 index, with gd/ex ratings 2% lower to 78%. This is a typical decline for mid-August.

Sep 18 Corn closed at $3.62, down 2 1/4 cents,

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

Mar 19 Corn closed at $3.88 1/2, down 2 1/4 cents

May 19 Corn closed at $3.95 1/2, down 2 1/4 cents

Corn

August 20, 2018

Corn futures are trading 3 to 4 cents lower in most nearby contracts at midday. Pressure is coming from rains across the WCB over the weekend (and today). This morning’s USDA Export Inspections report indicated that 1.097 MMT of corn was shipped in the week that ended on August 16. That was down 13.13% from the week prior but 52.27% larger than the same week in 2017. Total YTD exports are now lagging last year by just 0.28% with just over 2 weeks left in the 17/18 MY. This afternoon’s Crop Progress report is expected to show a 1% reduction to conditions at 69% gd/ex according to a Reuters poll of analysts. CFTC data on Friday showed spec traders trimming their net short position in corn futures and options by 4,743 contracts during the ending August 14, taking it to -24,962 contracts.

Sep 18 Corn is at $3.61, down 3 1/4 cents,

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

Mar 19 Corn is at $3.87 1/4, down 3 1/2 cents

May 19 Corn is at $3.94 1/4, down 3 1/2 cents

Corn

August 20, 2018

Corn futures are mostly a penny per bushel higher this morning. They were down a cent or less on Friday, with September up 1.82% on the week. CFTC data on Friday showed spec traders trimming their net short position in corn futures and options by 4,743 contracts during the ending August 14, taking it to -24,962 contracts. Total export commitments are now 99% of the USDA full year projection, with 104% the normal pace for mid-August (there are always sales that can’t be shipped rolled over to new crop). Exports are just 88% of that 17/18 estimate vs. the 93% average, as there are still 6.849 MMT in unshipped sales with just a shade over 3 reporting weeks left in the MY. China sold 850,780 MT of corn from state reserves into the domestic market on Friday, totaling 21.49% of the amount offered.

Corn

August 17, 2018

Corn futures closed the day with fractional to 1 cent losses in most nearby contracts, as September was up 1.82% on the week. CFTC data on Friday showed spec traders trimming their net short position in corn futures and options by 4,743 contracts during the reporting week that ended on Tuesday, taking it to -24,962 contracts. Total export commitments are now 99% of the USDA full year projection, with 104% the normal pace for mid-August (there are always sales that can’t be shipped rolled over to new crop). Exports are just 88% of that 17/18 estimate vs. the 93% average, as there are still 6.849 MMT in unshipped sales with just a shade over 3 reporting weeks left in the MY. China sold 850,780 MT of corn from state reserves into the domestic market on Friday, totaling 21.49% of the amount offered.

Sep 18 Corn closed at $3.64 1/4, down 1 cent,

Dec 18 Corn closed at $3.78 3/4, down 1 cent,

Mar 19 Corn closed at $3.90 3/4, down 3/4 cent

May 19 Corn closed at $3.97 3/4, down 3/4 cent

Corn

August 17, 2018

Corn futures are currently 1 to 2 cents lower in most contracts on Friday. Pressure is coming from forecasts for rain across the Corn Belt over the next week. Total export commitments are now 6.7% larger than this time in 2017. They are now 99% of the USDA full year projection, with 104% the normal pace for mid-August (there are always sales that can’t be shipped rolled over to new crop). Exports are just 88% of that 17/18 estimate vs. the 93% average, as there are still 6.849 MMT in unshipped sales with just a shade over 3 reporting weeks left in the MY. China sold 850,780 MT of corn from state reserves into the domestic market on Friday, totaling 21.49% of the amount offered.

Sep 18 Corn is at $3.64 1/4, down 1 cent,

Dec 18 Corn is at $3.78 3/4, down 1 cent,

Mar 19 Corn is at $3.90, down 1 1/2 cents

May 19 Corn is at $3.97 1/4, down 1 1/4 cents


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
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