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Corn May '19 (ZCK19)

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Corn Futures Market News and Commentary

Corn Market News and Commentary

Corn futures are down 1 1/4 to 2 3/4 cents in most contracts on Tuesday. The national average corn index cash price according to cmdtyView is at $3.40, nearly a dime lower than this day last year. That would put a national basis at -28 1/2 cents, 9 1/2 cents stronger yr/yr. State by State Crop Progress data shows the southern states (TX, MS, LA, and AR) all lagging a year ago for planting progress, though it is still early even for those states. Dr. Michael Cordonnier increased his Argentine corn production estimate by 1 to 45 MMT, while leaving his Brazil output number at 93.5 MMT.May 19 Corn is at $3.68 3/4, down 2 3/4 cents,Jul 19 Corn is at $3.78, down 2 3/4 cents,Sep 19 Corn is at $3.85 1/4, down 2 1/4 centsDec 19 Corn is at $3.93, down 1 3/4 cents--provided by Brugler Marketing & Management
Spring Wheat Basis: 'S'-Now Big Deal

If you’re keeping up to date on my basis postings, you’ll recall my most recent piece on soybeans (“Soybean Basis: The Weight of Futures”) talked about the often-inverse relationship between futures and basis. In other words, if the futures market posts a strong rally, grain merchandisers will often soften basis a bit on the idea that futures will do a good enough job of sourcing enough supplies to meet demand. Last week saw national average soybean basis firm, slightly, despite solid gains in futures, until Friday.Spring wheat was different, though. Here we saw the national average basis (cmdty National Hard Red Spring Wheat Index minus futures) actually weaken as the futures market firmed late in the week. To be exact, the May Minneapolis futures contract gained 5 1/2 cents, paltry indeed compared to the rest of the grain and oilseed complex, while national average basis weakened 1 1/4 cents from the previous to finish at 53 1/4 cents under the May. When one considers much of the U.S. Northern Plains remains buried by feet of snow, in mid-March, it seems counter-intuitive that spring wheat basis should be weakening.Until you factor in where bushels are being held. Most of the wheat in the U.S. winds up in commercial storage, where ownership is more easily transferred from seller to buyer. Therefore, if one doesn’t have to wait for the snow to melt before pulling grain out of an on-farm bin, it creates a situation where winter (into spring) weather doesn’t create a similar search for supplies like what has been seen in corn and soybeans. Darin NewsomPresidentDarin Newsom Analysis Inc.
  • Corn - Just My Opinion

    Weather Supports vs. Lack of Business Resists

  • Grains Report 03/19/19

    DJ USDA Grain Inspections for Export in Metric Tons – Mar 18 COUNTRY OF DESTINATION IS REPORTED AS KNOWN AT THE TIME OF EXPORTATION.

  • Stay Calm

    All is Well

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