AgriCharts Market Commentary

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Corn

June 23, 2017

Corn futures ended the week with losses of 3 1/4 to 5 1/2 cents, with July down 6.84% since last Friday. Friday’s Commitment of traders report showed spec funds adding back 35,896 contracts to their net short position as of Tuesday, after last week’s reported huge shift. As of June 20 they had a net short position of -53,825 contracts in corn options and futures trading. In anticipation of next Friday’s Grain stocks report, analysts are expecting June 1 US corn stocks at 5.125 billion bushels, with a huge range of estimates from 4.685 to 5.36 bbu. That would be a 8.79% jump over June 2016 stocks. This Friday, China sold 1.171 MMT of the 2.235 MMT of corn from 2013 at an auction of state reserves. Chinese May corn imports shrank to 95% of last year’s May total at 42,219 MT.

Jul 17 Corn closed at $3.57 3/4, down 5 cents,

Sep 17 Corn closed at $3.65 1/2, down 5 1/4 cents,

Dec 17 Corn closed at $3.75 1/4, down 5 1/2 cents

Mar 18 Corn closed at $3.85, down 5 1/2 cents

Corn

June 23, 2017

Corn futures are trading 2 to 2 1/4 cents lower in the nearby contracts at midday. Total accumulated corn export commitments are now 118.81% of last year’s total to this point. Compared to the USDA projected export total, corn commitments are 98% complete, vs. last year’s and the 5 year average of 99%. Argentina’s Ag ministry increased their country’s 16/17 corn production number 1 MMT to 47.5 MMT. The Buenos Aires Grain Exchange is at 39 MMT, with the USDA estimating 40 MMT. This Friday, China sold 1.171 MMT of the 2.235 MMT of corn from 2013 at an auction of state reserves. Chinese May corn imports shrank to 95% of last year’s May total at 42,219 MT.

Jul 17 Corn is at $3.60 3/4, down 2 cents,

Sep 17 Corn is at $3.68 3/4, down 2 cents,

Dec 17 Corn is at $3.78 1/2, down 2 1/4 cents

Mar 18 Corn is at $3.88 1/2, down 2 cents

Corn

June 23, 2017

Corn futures are trading fractionally higher this morning, after finishing Thursday with losses of 2 1/4 to 6 cents in most contracts. Weekly shipments for corn totaled 1.21 MMT in Thursday’s export sales report, even with last year and 22.1% over a week ago. Total accumulated export commitments are now 118.81% of last year’s total to this point. Compared to the USDA projected export total, corn commitments are 98% complete, vs. last year’s and the average of 99%. Ethanol production in Mexico is expected to increase in the future, as the country’s biofuel industry plans to add 10 new ethanol plants over the next 5 years and the permitted blend level has been increased. Argentina’s Ag ministry increased their country’s 16/17 corn production number 1 MMT to 47.5 MMT. The Buenos Aires Grain Exchange is at 39 MMT, with the USDA estimating 40 MMT.

Corn

June 22, 2017

Corn futures finished the day with losses of 2 1/4 to 6 cents in most contracts. The USDA old crop corn export sales of 528,825 MT in this morning’s Exports Sales report were 11.97% lower than last week and 39.27% behind this time last year. New crop sales of 124,000 MT, most of which were for Mexico, were a huge improvement over last week but still well behind a year ago. New crops sales have totaled just 63.87% of last year’s total to this point. Weekly shipments for corn ran 1.21 MMT, even with last year and 22.1% over a week ago. China sold just 120,924 MT of the 1.288 MMT of 2013 corn offered at an auction of state reserves on Thursday. Ethanol production in Mexico is expected to increase in the future, as the country’s biofuel industry plans to add 10 new ethanol plants over the next 5 years and the permitted blend level has been increased. Argentina’s Ag ministry increased their country’s 16/17 corn production number 1 MMT to 47.5 MMT. The Buenos Aires Grain Exchange is at 39 MMT, with the USDA estimating 40 MMT.

Jul 17 Corn closed at $3.62 3/4, down 6 cents,

Sep 17 Corn closed at $3.70 3/4, down 6 cents,

Dec 17 Corn closed at $3.80 3/4, down 6 cents

Mar 18 Corn closed at $3.90 1/2, down 5 3/4 cents

Corn

June 22, 2017

Corn futures are currently 4 3/4 to 5 1/4 cents lower on Thursday. The USDA indicated old crop corn export sales of 528,825 MT in this morning’s Exports Sales report, coming just shy of expectations. That was 11.97% lower than last week, and 39.27% behind this time last year. New crop sales of 124,000 MT, most of which were for Mexico, were a huge improvement over last week but still well behind a year ago. New crops sales have totaled just 63.87% of last year’s total to this point. The expected EPA announcement on the Renewable Fuels Mandate is pushed back to next week at the earliest. China sold just 120,924 MT of the 1.288 MMT of 2013 corn offered at an auction of state reserves on Thursday. Ethanol production in Mexico is expected to increase in the future, as the country’s biofuel industry plans to add 10 new ethanol plants over the next 5 years.

Jul 17 Corn is at $3.63 3/4, down 5 cents,

Sep 17 Corn is at $3.71 1/2, down 5 1/4 cents,

Dec 17 Corn is at $3.81 1/2, down 5 1/4 cents

Mar 18 Corn is at $3.91 1/2, down 4 3/4 cents


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