AgriCharts Market Commentary

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Corn Market News and Commentary

October 18, 2019

Corn futures head into the weekend 2 1/2 to 3 3/4 cents lower in the nearby months, Dec corn lost 6 3/4 cents on the week. The CFTC report this afternoon showed managed money spec funds still net short; however as of 10/15 it was only at 66,141 contracts making this now the 4th consecutive week where managed money has reduced their net short position for corn futures. Traders over estimated weekly corn export sales; the holiday delayed report from this morning indicated that for the week ending 10/10 corn saw 368,756 MT of export sales. That is up 29.6% compared to last week. Exports are still way behind last year, with the accumulated exports for MY through 10/10 at 2.637 MMT now 63.75% behind last year’s pace.

DEC 19 Corn closed at $3.91, down 3 3/4 cents,

MAR 19 Corn closed at $4.02 3/4, down 3 3/4 cents,

MAY 20 Corn closed at $4.09 1/2, down 3 1/4 cents

JUL 20 Corn closed at $4.15 1/4, down 2 1/2 cents

-- provided by Brugler Marketing & Management

Corn Trades Lower After Export Sales Report

October 18, 2019

Corn futures are trading 2 3/4 to 3 3/4 cents lower in the nearby months. Traders over estimated weekly corn export sales, the holiday delayed report from this morning indicated that for the week ending 10/10 corn saw 368,756 MT of export sales. That is up 29.6% compared to last week. Exports are still way behind last year, with the accumulated exports for MY through 10/10 at 2.637 MMT now 63.75% behind last year’s pace. The delayed EIA weekly report showed an uptick in daily ethanol production by another 8,000 barrels per day, with 971,000 bpd produced for week ending 10/11. That implies more corn consumption. Ethanol stocks were also up yesterday, increasing 817,000 barrels to 22.061 million barrels.

DEC 19 Corn is at $3.91, down 3 3/4 cents,

MAR 19 Corn is at $4.02 3/4, down 3 3/4 cents,

MAY 20 Corn is at $4.09 1/2, down 3 1/4 cents

JUL 20 Corn is at $4.15, down 2 3/4 cents

-- provided by Brugler Marketing & Management

Corn Market Mostly 1 to 2 Lower Ahead of Export Sales

October 18, 2019

Corn futures are 1 1/2 to 2 1/2 cents lower ahead of the weekly Export Sales report; they were 3 cents higher at yesterday’s close. There was some net new buying, with preliminary open interest rising 7,624 contracts. The delayed EIA weekly report showed an uptick in daily ethanol production by another 8,000 barrels per day, with 971,000 bpd produced for week ending 10/11. That implies more corn consumption. Ethanol stocks are also up, increasing 817,000 barrels to 22.061 million barrels. Argentinean corn was reported Thursday afternoon to be 24.2% planted. The department of agricultural estimates from Buenos Aires based that percentage on planting intentions of 15.814 million acres. US corn export sales for the week ending October 10 are expected to be in the range of 400-800,000 MT in this morning’s export sale report.

-- provided by Brugler Marketing & Management

Corn up by Three After EIA Report

October 17, 2019

Corn futures were 3 cents higher on the day. The delayed EIA weekly report showed an uptick in daily ethanol production by another 8,000 barrels per day, with 971,000 bpd produced for week ending 10/11. That implies more corn consumption. Ethanol stocks are also up, increasing 817,000 barrels to 22.061 million barrels. September daily production was an average of 48,000 barrels lower, for an approximated 960,000 barrel difference between the two months. Argentinean corn was reported Thursday afternoon to be 24.2% planted. The department of agricultural estimates from Buenos Aires based that percentage from the 15.814 million acres that are expected to be planted. US corn export sales for the week ending October 10 are expected to be in the range of 400-800,000 MT in Friday’s export sale report.

DEC 19 Corn closed at $3.94 3/4, up 3 cents,

MAR 19 Corn closed at $4.06 1/2, up 3 cents,

MAY 20 Corn closed at $4.12 3/4, up 3 cents,

JUL 20 Corn closed at $4.17 3/4, up 3 cents1

-- provided by Brugler Marketing & Management

Corn Posting Gains on Thursday

October 17, 2019

Corn futures are trading 2 to 3 cents higher at midday. The delayed EIA weekly report showed an uptick in daily ethanol production by another 8,000 barrels per day, with 971,000 bpd produced for week ending 10/11. Ethanol stocks are also up, increasing 817,000 barrels to 22.061 million barrels. The U.S. government had issued 70 million fewer ethanol blender tax credits in September than in August. September daily production was an average of 48,000 barrels fewer, for an approximated 960,000 barrel difference between the two months. Corn export sales for the week ending October 10 are expected to be in the range of 400-800,000 MT in Friday’s export sale report.

DEC 19 Corn is at $3.94 1/4, up 2 1/2 cents,

MAR 19 Corn is at $4.05 3/4, up 2 1/4 cents,

MAY 20 Corn is at $4.12, up 2 1/4 cents

JUL 20 Corn is at $4.17 1/4, up 2 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