Corn Morning Update

Corn Morning Update

GLOBEX Snapshot
Contract Last Net Change High Low Volume
ZCN19 451.75 5 453 448.5 16972
ZCU19 457.25 5.5 457.75 454 18031
ZCZ19 462.5 5.25 463 459.25 20329
ZCH20 467.25 4.25 467.75 464.5 3249

QT News - Top News
-- Grain traders Tuesday say 65,000 mt of Brazil origin Corn was bought by Taiwan's MFIG. They reportedly paid $1.0108 over CBOT corn futures. The grain is for shipment between Oct 10 to Oct 29.
-- South African Grain Info Service Tuesday pegged 2018/19 total Corn exports at 2.284 mln mt that compares to the prior season's 2.482 mln mt; 19/20 corn exports through the end of May were 122,181 mt.
-- South African Grain Info Service Tuesday pegged 2018/19 total Corn ending stocks at 2.663 mln mt down from last season's 3.689 mln mt; 19/20 opening corn stocks were estimated at 3.063 mln mt.
-- AgRural analysts estimate Brazil second season Corn harvest at 19% complete up from last week's 9% pace. In the year ago week the harvest at only 5% complete, and the long term average for this point in the season is 7%. The top states for corn harvest were Mato Grosso and Parana, both at 27% finished.
-- Weekly EU data Monday showed +262,000 mt of Corn imports in the latest reporting period ending June 23, brings the 18/19 MY to date total 23.251 mln mt. For comparison the 17/18 MY imports were 17.344 mln mt.
-- Weekly EU data Monday showed +29,000 mt Barley exports in the latest reporting period ending June 23, brings the 18/19 MY to date total 4.305 mln mt. For comparison the 17/18 MY exports were 5.618 mln mt.

Weekly USDA Progress/Conditions Recap
-- USDA Monday weekly crop progress report showed Corn planted progress at 96% complete compared to last week's 92% and year ago week 100%
-- USDA Monday weekly crop progress report showed Corn emerged progress at 89% complete compared to last week's 79% and year ago week 100%
-- USDA Monday weekly crop conditions report showed Corn 56% good to excellent, 32% fair, 12% poor to very poor versus last week's 59% good to excellent, 31% fair, 10% poor to very poor

Stats Canada Estimates
-- Ahead of Wednesday's Stats Canada 2019 planting estimate report, analysts are forecasting Barley acres at 7.4 mln, that compares to the 7.15 mln acres in the April report and 2018 crop at 6.49 mln acres.
-- Ahead of Wednesday's Stats Canada 2019 planting estimate report, analysts are forecasting Corn acres at 3.6 mln, that compares to the 3.79 mln acres in the April report and 2018 crop at 3.62 mln acres.

USDA Acres and Quarterly Stockpile Estimates
-- Analysts ahead of this Friday's USDA acreage report analysts are expecting US Corn planted acres at 87.0 mln, that compares to the USDA March projection at 92.8 mln acres. The data will be released Friday, June 28 at 11:00 am CDT.
-- Analysts are projecting US quarterly grain stocks report this Friday to show US corn stocks as of June 1 at 5.34 bln bushels, on the year ago date stockpiles were 5.305 bln bu. The data will be released at 11:00 am CDT, Friday June 28th.


PENDING TENDERS
-- Pending Tender: Grain traders Monday say 30,000 mt of US origin Corn is sought in a tender by Taiwan Sugar Corp. The offer deadline is June 26th, while the grain is for shipment between August 27 to Sept 25th depending on departure port.

-- Euronext Paris August corn futures on Tuesday are trading +0.50 euro higher at 178.25 euros/mt
-- Dalian Sept corn futures fell -3 yuan Tuesday finishing at 1,949 yuan/mt
-- Outside markets. Crude Oil off -22c @ $57.69; Gold up +$14.00 @ $1432.20; Silver up +4.4c @ $15.505; US $ index up +4.8c @ $95.53


QT News Cash Markets
Bean Barge Corn Barge SRW Barge HRW Track Ill Riv Frt
12 pro 11 pro
Jun +75/?? N +60/72 N +85/95 N +167/173 N +127/135 N 450/???
Jly +48/55 N +50/55 N +75/85 N +165/173 N +116/126 N 435/450
Aug +41/47 Q +42/46 U +70/77 U +152/160 U +113/120 U 400/410

Hi-pro meal Soy oil
Chicago -30 N +11 N +20 N
Toledo -20 N +26 N +25 N
Dec ILL -15 N +20 N -14 N -00 N

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