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Corn Mar '19 (ZCH19)

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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.

Contract Specifications

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Contract
Corn
Contract Size
5,000 bushels
Tick Size
1/4 cent per bushel ($12.50 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$50
Margin/Maintenance
$770/700
First Notice Date
02/28/19
Expiration Date
03/14/19 (expired)

Seasonal Chart

Corn Mar '19
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of Mar 12, 2019

View Chart Details
Commercials - Long / Short
725,304 (+28,324)
659,112 (-13,729)
Non-Commercials - Long / Short
434,458 (+24,685)
536,775 (+80,685)
Producers - Long / Short
499,593 (+29,251)
576,894 (-21,150)
Swap Dealers - Long / Short
157,862 (-7,789)
14,369 (+559)
Managed Money - Long / Short
200,436 (-10,646)
483,417 (+79,488)
Other Reportables - Long / Short
234,022 (+35,331)
53,358 (+1,197)
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Price Performance

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Period Period Low Period High Performance
1-Month
352-2 +2.63%
on 03/11/19
378-4 -4.49%
on 02/25/19
-13-2 (-3.54%)
since 02/14/19
3-Month
352-2 +2.63%
on 03/11/19
386-4 -6.47%
on 12/18/18
-23-2 (-6.04%)
since 12/14/18
52-Week
352-2 +2.63%
on 03/11/19
437-0 -17.28%
on 05/29/18
-52-6 (-12.73%)
since 03/14/18

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Most Recent Stories

More News
Wheat Market News and Commentary

Wheat futures are showing marginal losses in most winter wheat contracts at midday, with MPLS steady to 4 3/4 cents higher. US FOB prices were below French as of last night, but weakness in corn at midday...

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...

Soybean Market News and Commentary

Soybean futures are 3 to 4 cents lower in the front months at midday. Meal futures are up 20 cents/ton, with soy oil 25 points lower. Based on cmdtyView data, the national soybean index cash price is $8.16...

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

Happy St. Joseph’s Day. The Corn & Ethanol Report 03/19/19

We kickoff the day with Housing Starts & Permits at 7:30 A.M., API Energy Stocks at 3:30 P.M. and the FOMC meeting. Nebraska, Iowa and [...]

Wheat Market News and Commentary

Wheat futures are mostly 3 to 3 3/4 cents per bushel higher this morning across all three contracts. They were 2 to 6 1/2 cents lower in most winter wheat contracts on Monday, as the bulls had expected...

Corn Market News and Commentary

Corn futures are trading fractionally higher this morning. They saw fractional to 1 3/4 cent losses in most contracts on Monday. Midwest flooding is delaying the likely start of planting. Damaged bridges...

Soybean Market News and Commentary

Soybean futures are currently 1 to 2 cents lower after closing 3 to 3 3/4 cents lower in most front months on Monday. Meal futures were down $1/ton, with soy oil up 1 point. USDA Export Inspections were...

Wheel of Fortune

Growing Season

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 64% Sell with a Weakest short term outlook on maintaining the current direction.

Longer term, the trend strength is Strong. Long term indicators fully support a continuation of the trend.

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Key Turning Points

2nd Resistance Point 364-7
1st Resistance Point 363-1
Last Price 361-4s
1st Support Level 359-7
2nd Support Level 358-3

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52-Week High 437-0
Fibonacci 61.8% 404-5
Fibonacci 50% 394-5
Fibonacci 38.2% 384-5
Last Price 361-4s
52-Week Low 352-2

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InsideFutures Commentary

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