Corn Outlook: USDA left a few stones unturned in the supply-demand report, mainly harvested acres. They were unchanged at 84.4 million. Because of the drought, abandonment was expected. We must remember the USDA tends to be conservative in their revisions; otherwise, the x’s and o’s do not match. Harvested acres will be updated in[…]
Corn Outlook: We have been in a full-blown weather market since mid June with the crop ratings falling to their lowest point since the drought of 1988. Last week, the corn crop deteriorated 8 points to 40 percent in good-to-excellent condition. USDA reduced their yield estimate in the July Supply-Demand to 146 bpa from[…]
Corn Outlook: If you were expecting a thrill from the supply-demand report, keep looking because none was found. The USDA left 2012-13 ending stocks of corn unchanged at 1.881 BB. Traders were expecting a reduction. USDA is waiting until after the grain stocks and acreage report on June 29th before making any changes to[…]
Corn Outlook: The corn crop is off to a good start with a rating of 72 percent in good-to-excellent condition, unchanged from last week. Weather is expected to be dry heading into the weekend but, unless Mother Nature changes her mind, a record yield may be in the making. Last week, traders feared that[…]
Corn Outlook: Corn futures have rebounded after shaking off USDA’s bearish report last week. While old crop stocks remain tight, end users are now looking ahead at the potential increase in supplies and early harvest this fall. Planting is progressing at blazing speed and 87 percent complete compared to 56 percent a year ago[…]
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: 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 face crosscurrents from tight old crop stocks, uncertainty surrounding the Greek bond swap, slower growth in China, and expectations for increased U.S. plantings. Since January, the bulls have held the upper hand building a long position. Last week, the trend following funds bought 170 MB of corn increasing their longs[…]
Corn Outlook: The upside momentum has waned in corn futures as the market has apparently reached a level of equilibrium that factors in production losses in South America. Currently, Argentina’s production is forecast at 22.0 million tons, down 4.0 million from January. Brazil’s crop is pegged at 61.0 million, unchanged from last month. Meanwhile,[…]