AgriCharts Market Commentary

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Corn Continues Higher on Planting Delays

Corn futures ended the Tuesday session with most contracts 3 to 6 cents higher as rains continue to slow planting. The front month chart hit its highest price since May 2018 today, as new crop Dec was at the highest levels since last August. The market is trying to talk producers out of taking the Prevent Plant insurance option, though some may not have a choice. In the weekly Crop Progress report, NE and IA were 70% planted, MO was 62%, and MN @ 56%, with SD @ 19%. Forecasts show considerable amounts of rain for those area this week. IL is also seen as catching some moisture, with 24% of the crop planted on 5/19, with IN @ 14% and OH 9% planted.

Jul 19 Corn closed at $3.94 1/4, up 5 1/4 cents,

Sep 19 Corn closed at $4.02 3/4, up 6 cents,

Dec 19 Corn closed at $4.10 1/2, up 6 cents

Mar 20 Corn closed at $4.20, up 5 3/4 cents

--provided by Brugler Marketing & Management

Corn Continues Higher on Slow Planting

Corn futures are trading 3 to 6 1/2 cents higher in the front months on Tuesday, following USDA’s confirmation of record slow planting. The market is trying to talk producers out of taking the Prevent Plant option, though some may not have a choice. In the weekly Crop Progress report, NASS showed corn planting at 49% complete nationwide by Sunday, well below the 80% average, with last year at 78% for this week. NE and IA were shown at 70% planted, MO was 62%, and MN @ 56%, with SD @ 19%. Forecasts show considerable amounts of rain for those area this week. IL is also seen as catching some moisture, with 24% of the crop planted on 5/19, with IN @ 14% and OH 9% planted.

Jul 19 Corn is at $3.94 3/4, up 5 3/4 cents,

Sep 19 Corn is at $4.03 1/4, up 6 1/2 cents,

Dec 19 Corn is at $4.10 1/2, up 6 cents

Mar 20 Corn is at $4.20, up 5 3/4 cents

--provided by Brugler Marketing & Management

Corn Market Up Another 3 to 6 Cents

Corn futures are 3 to 6 cents higher this morning after USDA confirmed slow US planting progress and weather forecasts continue to suggest more of the same. They saw 2 to 6 1/2 cents gains on Monday, posting multi-month highs in several contracts. Preliminary open interest jumped 49,782 as new buyers crowded in to play the weather rally. In the weekly Crop Progress report, NASS showed corn planting at 49% complete nationwide by Sunday, on the lower side of estimates and the slowest for week 20 since NASS started recording. That was well below the 80% average, with last year at 78% for this week. The crop was 19% emerged, with the 5-year average at 49%. All corn export shipments in the week of May 16 totaled just 820,916 MT. That was down 28% from last week and 47% below the same week last year. Exports YTD are now 3.09% larger than a year ago, at 37.454 MMT (1.474 bbu). --provided by Brugler Marketing & Management

Corn Closes Higher, NASS Shows 49% Planted

Corn futures saw 2 to 6 1/2 cents gains on Monday, posting multi-month highs in several contracts. Rains over the weekend and forecasts for more in the WCB over the next week were supportive. In the weekly Crop Progress report, NASS showed corn planting at 49% complete nationwide by Sunday, on the lower side of estimates and the slowest for week 20 since NASS started recording. That was well below the 80% average, with last year at 78% for this week. The crop was 19% emerged, with the 5-year average at 49%. All corn export shipments in the week of May 16 totaled just 820,916 MT. That was down 28% from last week and 47% below the same week last year. Exports YTD are now 3.09% larger than a year ago, at 37.454 MMT (1.474 bbu).

Jul 19 Corn closed at $3.89, up 5 3/4 cents,

Sep 19 Corn closed at $3.96 3/4, up 6 1/4 cents,

Dec 19 Corn closed at $4.04 1/2, up 6 1/4 cents

Mar 20 Corn closed at $4.14 1/4, up 6 1/2 cents

--provided by Brugler Marketing & Management

Corn Higher as Rain Continues in Midwest And More Expected

Corn futures are posting multi-month highs in several contracts on Monday, up 6 to 7 1/4 cents in the front months. Rains over the weekend and forecasts for more in the WCB are supportive at midday. All corn export shipments in the week of May 16 totaled just 820,916 MT. That was down 28% from last week and 47% below the same week last year. Exports YTD are now 3.09% larger than a year ago, at 37.454 MMT (1.474 bbu). Trade ideas for planting progress are in the 48-55% range for tonight’s NASS report, which would be well below the 82% average for this date. As of May 14, the managed money net short position in corn futures and options was still at 282,918 contracts according to CFTC data.

Jul 19 Corn is at $3.90 1/2, up 7 1/4 cents,

Sep 19 Corn is at $3.97 1/2, up 7 cents,

Dec 19 Corn is at $4.05, up 6 3/4 cents

Mar 20 Corn is at $4.14 1/2, up 6 3/4 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