Corn Higher on Precip Forecast for Next Week

Corn futures are showing 5 to 6 1/4 cent gains in most contracts at midday. Some weather models show dryness this week, which should allow for planting when the soils dry out. However, rains are expected to return later in the weekend/beginning of next week. Planting delays are still a worry, particularly if they result in more prevented planting insurance claims. This morning’s weekly EIA report indicated the largest ethanol production and implied corn use number since the week of 1/11 at 1.051 million barrels per day. That was up 15,000 bpd from the previous week, as ethanol stocks were also drawn down by 218,000 barrels to 22.25 million barrels. USDA is expected to show 200,000-500,000 MT of old crop corn sales in the week of May 9, with new crop seen at 100,000-400,000 MT ahead of Thursday’s report. A private Ukrainian consultancy trimmed their corn crop estimate by 2.5 MMT to 33.1 MMT for 2019.

Jul 19 Corn is at $3.75, up 6 1/4 cents,

Sep 19 Corn is at $3.83 1/4, up 6 cents,

Dec 19 Corn is at $3.93, up 5 1/4 cents

Mar 20 Corn is at $4.04 1/2, up 5 cents

--provided by Brugler Marketing & Management




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