Corn Outlook: Macroeconomic issues are weighing on corn values even though recent dry conditions have caused the ratings to slip. Currently, 72 percent of the crop is in good-to-excellent condition, down 5 points from the previous week. Illinois and Indiana were down 13 percent and 14 percent respectively. Normally, the market would bounce from[…]
Corn Outlook: Corn values rose 12.6 percent from their lows made earlier this month on the coattails of the surge in wheat. However, since then, the market has turned stone cold, as growing conditions are favorable in most of the Midwest. Meanwhile, there are rumors of China switching old crop corn purchases to new[…]
Expectations for increased production and an early harvest is pressuring new crop corn while reducing concerns of tight old crop stocks. Planting is progressing swiftly at 71 percent complete compared to 47 percent for the norm. Many of the major producing states are running 40 percent ahead of their average. The first glimpse of USDA’s[…]
Corn Outlook: Racing at the Kentucky Derby may be the best way to illustrate corn planting. A couple of weeks ago, Iowa was 7 percent behind its average but, as of last week, they surged 18 percent ahead while Illinois and Indiana are up 50 percent. Nationwide, planting is 53 percent complete compared to[…]
Corn Outlook: Corn planting is progressing at breakneck speed in the eastern Corn Belt but lags in the west because of wet conditions. Overall, twenty-eight percent of the crop is in the ground compared to the average of 15 percent. Illinois is 42 percent ahead of its average while Iowa lags by 7 percent. […]
Corn Outlook: Improving weather in the Midwest during the past couple of weeks and rapid planting progress has dampened bullish enthusiasm in corn. This is apparent by the long position of the trend following funds falling 45 MB to 650 MB, while the longs of the index funds are down 20 MB to 1.995[…]
Corn Outlook: The bulls were silenced when USDA left 2011-12 ending stocks of corn unchanged from March at 801 MB. Traders expected a reduction of 70-80 MB because of the decline in the grain stocks report last month. However, supplies remain tight as world stocks fell 1.4 percent with stocks-to-usage in the lower third[…]
Corn Outlook: Concerns about tight supplies and optimism of increasing demand from China are underpinning corn futures. Meanwhile, export inspections were nothing to write home about at 30.9 MB and below the average needed to reach USDA’s projection of 1.7 MB. Since December, shipments have been slipping and must rise 7.5 percent in order[…]
Corn Outlook: Corn futures have been under siege ahead of the inventory and planting intentions report late this week. Traders expect acreage to be 94.7 million, up from 91.9 million in 2011. If realized, it will be the largest corn crop planted since 1944. However, the chances are that with the early spring, acres[…]
Corn Outlook: Corn futures backed off this week amid profit taking and concerns that China’s economy is slowing. Possibly, they will have a rougher landing than many envision. Rising energy costs also contributed to the decline. Meanwhile, warmer temperatures and early spring weather is promoting ideas of increased plantings. We will get a handle[…]