AgriCharts Market Commentary

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.

Corn

May 22, 2017

Corn futures are trading 4 to 4 3/4 cents higher in the front months at midday. The USDA reported 1.144 MMT of corn was inspected for export during the week ending May 18. That is down 19.44% from a week ago but just 2.49% lower than the same time last year. Traders are expecting corn planting to be 85% complete in this afternoon’s Crop Progress report, with corn condition ratings also expected. The Commitment of Traders report on Friday night showed spec funds closing out 4,733 contracts from their net short position in corn futures and options for the reporting week. They were still net short 203,909 contracts through May 16. On Thursday, China is expected to offer to sell nearly 7 MMT of 2013 corn, according to their National Grain Trade Center. In addition, they will sell 230,200 MT of 2011 and 2012 corn on Friday.

Jul 17 Corn is at $3.77 1/4, up 4 3/4 cents,

Sep 17 Corn is at $3.84 1/4, up 4 1/2 cents,

Dec 17 Corn is at $3.94 1/2, up 4 1/4 cents

Mar 18 Corn is at $4.04, up 4 cents

Corn

May 22, 2017

Corn futures are 1 to 3 cents higher to start the week, after closing 6 to 6 1/2 cents higher in the nearby contracts on Friday. July finished positive on the week. The US dollar index dropped to the weakest reading since November, which was supportive. The Commitment of Traders report on Friday night showed spec funds closing out 4,733 contracts from their net short position in corn futures and options for the reporting week. They were still net short 203,909 contracts through May 16. China sold 989,630 MT of the nearly 1 MMT of 2011 & 2012 corn from state reserves offered at auction on Friday.

Corn

May 19, 2017

Corn futures closed the day 6 to 6 1/2 cents higher in the nearby contracts on Friday, as July finished positive on the week. The US dollar index dropped to the weakest reading since November, which was supportive. The Commitment of Traders report showed spec funds coming 4,733 contracts off last week’s net short position in corn futures and options as of Tuesday. Their net short was at 203,909 contracts. As reported earlier this week, Mexico purchased two 30,000 MT cargos of Brazil corn is their recent trade mission to South America. This is part of 300,000 MT that they are planning for import for August-October delivery in an effort to lessen their dependence on US supplies. China sold 989,630 MT of the nearly 1 MMT of 2011 & 2012 corn from state reserves offered at auction on Friday.

Jul 17 Corn settled at $3.72 1/2, up 6 1/2 cents,

Sep 17 Corn settled at $3.79 3/4, up 6 cents,

Dec 17 Corn settled at $3.90 1/4, up 6 1/4 cents

Mar 18 Corn settled at $4.00, up 6 cents

Corn

May 19, 2017

Corn futures are trading 5 1/4 to 6 1/4 cents higher today, as they continue to sit in a tight trading range. The US dollar index dropped to the weakest reading since November. Total US corn export commitments slipped from 33.7% above year ago to 30.58% larger than this time last year. They are now 93% of the USDA projected full year export total, vs. 87% last year and the average of 93%. As reported earlier this week, Mexico purchased two 30,000 MT cargos of Brazil corn is their recent trade mission to South America. This is part of 300,000 MT that they are planning for import for August-October delivery in an effort to lessen their dependence on US supplies. China sold 989,630 MT of the nearly 1 MMT of 2011 & 2012 corn from state reserves offered at auction on Friday.

Jul 17 Corn is at $3.72 1/4, up 6 1/4 cents,

Sep 17 Corn is at $3.79 3/4, up 6 cents,

Dec 17 Corn is at $3.89 3/4, up 5 3/4 cents

Mar 18 Corn is at $3.99 1/4, up 5 1/4 cents

Corn

May 19, 2017

Corn futures are currently 2 to 3 cents higher. They closed Thursday 4 to 5 1/2 cents lower, following beans on a sharply lower Brazilian Real. Last week’s export sales performance was strong, but not enough to offset the lower South American currency and expected Brazilian producer selling. The Real is slightly firmer this morning. Weekly US export shipments were the second largest of the 16/17 MY at 1.54 MMT (60.75 million bushels) and 31.34% larger than the same week in 2016. Total corn export commitments slipped from 33.7% to 30.58% larger than this time last year. They are now 93% of the USDA projected export total, vs. 87% last year and the average of 93%. On Thursday, China sold 3.56 MMT of the 4 MMT corn for sale from state reserves of the 2013 crop. Harvest in Argentina was slow to progress last week as it rose to 33.1% complete, vs. 31.8% the previous week, according to the Buenos Aires Grain Exchange.


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
Web: http://bruglermarketing.com