AgriCharts Market Commentary

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Corn Market News and Commentary

Corn futures are trading fractionally higher this morning. They ended Monday with most contracts fractionally lower. The weekly USDA Export Inspections report showed corn exports in the week that ended on 12/13 at 855,060 MT. That was just 1% larger than last week but 38.97% above the same week last year. YTD 2018/19 shipments have totaled 15.991 MMT (629.55 mbu), which is 73.05% larger than last year. The US average corn basis is 4 cents stronger than year ago at this time, a function of the export program and projections for tighter year end stocks. USDA’s second round of MFP payments has been announced. It leaves the corn payout @ 1 cent/bu on the remaining 50% of production.

--provided by Brugler Marketing & Management

Soybeans Market News and Commentary

Soybean futures are currently 4 cents higher after seeing 4 to 5 cent gains in the front months on Monday. Nearby soy meal was up $1.80/ton, with soy oil 32 points lower. Shipments of soybeans in the week that ended on 12/13 totaled 974,876 MT, per the Export Inspections report. That was 5.21% larger than last week but 45.72% below the same week in 2017. NOPA crush for November was 166.959 mbu. That was 2.09% above last year (and a new November record) but down 3.13% from last month due to one less calendar day. Soy oil stocks were tighter than expectations at 1.484 billion lbs. USDA Secretary Perdue announced the second round of MFP checks will be issued, with the payment on the other 50% of soybean production @ $1.65/bu. Producers have until January 15 to apply if they have not already done so. All harvesting must be complete before filing, which has been a problem in several areas.

--provided by Brugler Marketing & Management