AgriCharts Market Commentary

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Monday Corn Finishes Lower

December 09, 2019

Corn Futures finish the first day of the week with losses, nearby futures were 3/4 to 1 1/4 cents lower. After the close, The USDA released the final crop progress report for the 2019 season, indicating corn harvest had progressed 3 percentage points through the week and was 92% complete as of 12/08. ND was shown at 43% harvested, MI was 74%, and WI was at 74% harvested from the report. The USDA weekly export inspections report this morning showed corn exports for the week ending 12/05 were only 481,097 MT. Mexico was the top destination, with a 47.35% share of the weekly shipments. Behind Mexico was Japan with a 17% share. The report indicated that accumulated shipments increased to 6.532 MMT, compared to the 15.118 MMT through the same point last year.

DEC 19 Corn closed at $3.65 3/4, down 3/4 cent,

MAR 19 Corn closed at $3.75 3/4, down 1 cent,

MAY 20 Corn closed at $3.81 1/4, down 1 1/4 cents

JUL 20 Corn closed at $3.86, down 3/4 cent

---provided by Brugler Marketing & Management

Monday Corn is Trading Fractionally Lower

December 09, 2019

Corn Futures come out of the weekend mixed, but mostly fractionally lower. The weekly export inspections report from the USDA showed corn exports for the week ending 12/05 were only 481,097 MT. The report indicated that accumulated shipments increased to 6.532 MMT, compared to the 15.118 MMT through the same point last year. Estimates for ending stocks ahead of WASDE’s report tomorrow run from as low as 1.190 bbu, to 1.960 bbu and the average estimate of polled analysts is 1.902 bbu. World Stocks ideas are very close to the Nov. WASDE on average. The Commitment of Traders Report showed that as of Tuesday spec traders were still net short corn.

Dec 19 Corn is at $3.67 1/2, up 1 cent,

Mar 20 Corn is at $3.76 1/4, down 1/2 cent,

May 20 Corn is at $3.81 3/4, down 3/4 cent,

Jul 20 Corn is at $3.86, down 3/4 cent,

---provided by Brugler Marketing & Management

Corn Market Trading Mostly 1 Cent Lower

December 09, 2019

Corn Futures come out of the weekend mostly 1 cent per bushel lower. Corn futures last week with a 4 1/2 cent loss after ending Friday mostly steady to higher. The USDA reported a private export sale of 245,872 MT of corn to Mexico on Friday. However, US export commitments YTD are still more than 12 MMT below year ago (more than 472 million bushels). Estimates for ending stocks ahead of WASDE’s report run from as low as 1.190 bbu, to 1.960 bbu and the average estimate of polled analysts is 1.902 bbu. The November forecast was 1.91 bbu. The Commitment of Traders Report showed that as of Tuesday spec traders were 85,137 contracts net short, following a 26.65% bearish shift of the position wk/wk.

---provided by Brugler Marketing & Management

Corn Finishes A Little Firmer on Friday

December 06, 2019

Corn futures finished the week with a 4 1/2 cent loss after ending Friday’s session mostly steady to higher. The USDA reported a private export sale of 245,872 MT of corn to Mexico under the daily reporting system with a 19/20 MY delivery. Estimates for ending stocks ahead of WASDE’s report range from as low as 1.190 bbu, to 1.960 bbu and the average estimate of polled analysts coming in at 1.902 bbu. The November forecast was 1.91 bbu. The Commitment of Traders Report showed that as of Tuesday spec traders were 85,137 contracts net short, following a 26.65% bearish shift of the position wk/wk.

DEC 19 Corn closed at $3.66 1/2, up 1 cent,

MAR 19 Corn closed at $3.76 3/4, unch,

MAY 20 Corn closed at $3.82 1/2, unch,

JUL 20 Corn closed at $3.86 3/4, down 1/4 cent

Corn Mostly Lower at Midday

December 06, 2019

Corn is steady to lower at midday, from UNCH to down 1 1/2 cents. The USDA reported a private export sale of 245,872 MT of corn to Mexico under the daily reporting system with a 19/20 MY delivery. The market is trying to find additional buying interest, whether from ethanol, feed use or exports. USDA weekly corn export sales were reported at 546,115 MT for the week ending 11/28. Accumulated exports have reached 6.344 MMT with two days remaining in the first quarter. Census data for monthly corn exports showed that October corn shipments were 90.7 mbu, a 59.27% decrease from last October but up 13.59% from September.

DEC 19 Corn closed at $3.66, up 1/2 cent,

MAR 19 Corn closed at $3.75 1/4, down 1 1/2 cents,

MAY 20 Corn closed at $3.81 1/4, down 1 1/4 cents

JUL 20 Corn closed at $3.85 1/2, down 1 1/2 cents

---provided by Brugler Marketing & Management


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