AgriCharts Market Commentary

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Corn Closes Higher on Friday

July 19, 2019

Corn futures closed the Friday session with most contracts 5 to 6 1/4 cents higher after a week of losses. Since last Friday, Sep has dropped 5.17%. Spillover buying from soybeans and wheat was supportive, along with Fed easing talk. Friday’s Commitment of Traders report indicated that spec traders in corn futures and options were net long 187,260 contracts as of Tuesday. Commercials were net short 522,525 contracts on that date, nearing a record number of short positions (1.134 million). Safras & Mercado expect the 19/20 Brazilian corn crop to total 103.97 MMT.

SEP 19 Corn closed at $4.30 3/4, up 6 1/4 cents,

DEC 19 Corn closed at $4.35 3/4, up 6 cents,

MAR 20 Corn closed at $4.44, up 5 3/4 cents

MAY 20 Corn closed at $4.48, up 5 3/4 cents

--provided by Brugler Marketing & Management

Corn Following the Rest of the Complex Higher

July 19, 2019

Corn futures are showing 4 to 6 1/4 cent gains on Friday, trying to post a rebound to end the week. Spillover buying from soybeans and wheat is supportive, along with Fed easing talk. Total corn export commitments are 15.5% below the same week last year. Compared to the USDA projection, they are 93% complete, vs. the 102% average. Most of that lag is from unshipped sales, as accumulated exports are 84% of that projection and even with the average pace. Safras & Mercado expect the 19/20 Brazilian corn crop to total 103.97 MMT.

SEP 19 Corn is at $4.30 3/4, up 6 1/4 cents,

DEC 19 Corn is at $4.35 1/2, up 5 3/4 cents,

MAR 20 Corn is at $4.43 1/2, up 5 1/4 cents

MAY 20 Corn is at $4.47, up 4 3/4 cents

--provided by Brugler Marketing & Management

Corn 1 to 2 Cents Higher on Pre-Weekend Profit Taking

July 19, 2019

Corn futures are 1 to 2 cents higher this morning after dropping 10 to 11 1/2 cents on Thursday. The weekly Export Sales report showed just 200,009 MT of old crop corn bookings. That was down 68.8% from the same week in 2018 and below trade expectations. Japan was the main buyer of 144,300 MT. New crop sales were tallied at 132,997 MT, within the range of estimates but still 82.83% smaller than this week last year. Total corn export commitments are 15.5% below the same week last year. Compared to the USDA projection, they are 93% complete, vs. the 102% average. Most of that lag is from unshipped sales, as accumulated exports are 84% of that projection and even with the average pace. A Chinese auction of state reserves saw 522,921 MT of corn sold on Thursday, which was 13.47% of the amount offered.

--provided by Brugler Marketing & Management

Corn Closes with Double Digit Losses

July 18, 2019

Corn futures closed Thursday with the front months 10 to 11 1/2 cents lower. This morning’s weekly Export Sales report showed just 200,009 MT of old crop corn bookings in the week that ended on July 11. That was down 68.8% from the same week in 2018 and below trade expectations. Japan was the main buyer of 144,300 MT. New crop sales were tallied at 132,997 MT, within the range of estimates but still 82.83% below this week last year. Total corn export commitments are 15.5% below the same week last year. Compared to the USDA projection, they are 93% complete, vs. the 102% average. Most of that lag is from unshipped sales, as accumulated exports are 84% of that projection and even with the average pace. A Chinese auction of state reserves saw 522,921 MT of corn sold on Thursday, which was 13.47% of the amount offered.

SEP 19 Corn closed at $4.24 1/2, down 11 1/2 cents,

DEC 19 Corn closed at $4.29 3/4, down 11 3/4 cents,

MAR 20 Corn closed at $4.38 1/4, down 10 1/2 cents

MAY 20 Corn closed at $4.42 1/4, down 10 cents

--provided by Brugler Marketing & Management

Corn Lower on Thursday

July 18, 2019

Corn futures are trading 8 to 9 1/4 cents lower in the nearby contracts at midday. This morning’s weekly Export Sales report showed just 200,009 MT of old crop corn bookings in the week that ended on July 11. That was down 68.8% from the same week in 2018 and below trade expectations. Japan was the main buyer of 144,300 MT. New crop sales were tallied at 132,997 MT, within the range of estimates but still 82.83% below this week last year. A Chinese auction of state reserves saw 522,921 MT of corn sold on Thursday, which was 13.47% of the amount offered.

SEP 19 Corn is at $4.27 1/4, down 8 3/4 cents,

DEC 19 Corn is at $4.32 1/4, down 9 1/4 cents,

MAR 20 Corn is at $4.40 1/4, down 8 1/2 cents

MAY 20 Corn is at $4.44 1/4, down 8 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
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