- Daily Technical Spotlight - December Corn
Bullish selling "exhasution tail" created Tuesday still strongly suggests market bottom is in place.
- Happy Summer Solstice. The Corn & Ethanol Report 06/21/18
It is the first day of summer but you would not know it with rains and temperatures topping at 68 degrees in Chicagoland. We start [...]
- Grains:The Weakest of Markets
When June 15 rolls around....
- Time to buy grains?
Is this the start of a bottoming process?
- Dollar Rallies. The Nemenoff Report 06/21/18
Financials: Sept. Bonds are currently 2 ticks higher at 143’18, 10 Yr. Notes unchanged at 119’19.5 and 5 Yr. Notes 0.2 lower at 113’08.2. The [...]...
- Wheat Quality Suffering
We Need Drier Conditions for a few Weeks
Agricharts Market Commentary
Corn futures are currently 1-2 cents higher on Thursday since ending the Wednesday session with fractional gains. Wednesday morning’s EIA report showed ethanol production in the week that ended on June 15 up another 11,000 barrels per day. Weekly production of 1.064 million bpd was the largest since mid- February. Ethanol stocks shrunk 527,000 barrels to 21.647 million barrels in that week, with the Midwest the only region seen increasing. Export sales estimates ahead of this morning's report are showing 0.7 to 1 MMT in old crop sales and 150,000 to 400,000 MT in new crop sales. That comes following last week's report that showed 936,440 MT in 17/18 sales.
Wheat futures are mostly 3 to 7 cents higher this morning. They settled with 3 to 5 3/4 cent gains in the KC and MPLS contracts on Wednesday, with CBT 8 to 10 1/2 cents higher. Precipitation throughout parts of the Southern Plains may keep some harvesters out of the field for a couple days. The average trade estimate ahead of Thursday morning's USDA Export Sales report is for all wheat new crop sales at 250,000 to 500,000 MT. That would be within range of last week's total. Ukraine's Ag Ministry estimates 41 MMT of grains for export in the 17/18 MY (through the end of June), with 38.6 MMT shipped so far. That total includes 16.8 MMT wheat, down 2.6% from last year.
Soybean futures are trading steady to a penny lower at the moment. They closed Wednesday with most contracts steady to fractionally mixed. Front Month soy meal was down $1.30/ton, with soybean oil up 52 points. Wet weather across the Plains and trade concerns continue to weigh on the market, with buyers a little hesitant. Analysts are expecting today's Export Sales report to show old crop soybean sales at 300,000 to 600,000 MT, with new crop seen at 100,000 to 400,000 MT. Soy meal is estimated at 50,000 to 300,000 MT in sales, as 0-30,000 MT are seen for soy oil. China sold 77,782 MT of 2013 soybeans from state reserves in an auction on Wednesday, totaling 25.4% of the offered amount. Nearly 6.8 MMT of soybean and soymeal shipments in Brazil were affected by the country’s recent trucker strike according to Brazil’s National Ag Confederation. They estimated around 60 ships were affected.