Closing Agriculture Market Wrap 12/13/17: ‘nitimur in vetitum’.

AgriCharts Market Commentary by Brugler Marketing, LLC

Corn 🌽

Corn futures settled the Wednesday session with most contracts 3/4 to 1 1/4 cents higher. This morning’s EIA report showed ethanol production dropping 19,000 barrels per day from the previous week. That number was still robust at 1.089 million bpd produced during the week of 12/8, the second largest weekly production number on record. Stocks of ethanol fell 170,000 barrels to 2.374 million barrels, while the Gulf and Midwest stocks were up. The USDA tightened the cash average farm price on Tuesday by 10 cents to a range of $2.85-3.55, with the expected average remaining at $3.20. Old crop export sales of corn for the week ending 12/7 are expected to be 0.7-1.1 MMT in tomorrow’s USDA report. Traders are also expecting 0-100,000 MT in new crop sales.

Dec 17 Corn closed at $3.36 3/4, up 1 cent,

Mar 18 Corn closed at $3.49, up 1 1/4 cents,

May 18 Corn closed at $3.57 1/4, up 1 1/4 cents

Jul 18 Corn closed at $3.65 1/2, up 1 cent

ZCZ7 (deccorn)

ZCH8(marchcorn)

ZCK8(May corn)

ZCN8(julcorn)

Soybeans 🌱

Soybean futures ended Wednesday with 3 to 3 1/2 cent gains in most contracts. December meal was up $2.20/ton, with nearby bean oil down 25 points. Estimates for Thursday’s Export Sales report are running 1.4-2 MMT for old crop soybeans, with 0-100,000 MT for new crop expected by analysts. Soy meal sales are seen at 100,000-300,000 MT, with total soy oil sales expected at 5,000-30,000 MT. The cash average soybean price range was narrowed 30 cents to $8.60-$10.00, leaving the average mid-point at $9.30. Brazil’s ABOVE expects the country’s crop to hit 109.5 MMT in 17/18. They are also projecting exports in 2017 to be at 67.8 MMT, with exports of 65 MMT in 2018.

Jan 18 Soybeans closed at $9.79 1/4, up 3 1/2 cents,

Mar 18 Soybeans closed at $9.90 1/2, up 3 1/4 cents,

May 18 Soybeans closed at $10.01 1/2, up 3 1/4 cents,

Aug 18 Soybeans closed at $10.12 1/2, up 3 cents,

Dec 17 Soybean Meal closed at $325.10, up $2.20,

Dec 17 Soybean Oil closed at $33.11, down $0.25

ZSF8(Jansoy)ZSH8(MarchSOy)ZSK8(maysoy)ZSQ8(AugSOy)

Wheat 🌾

Wheat futures were 3-7 cents higher in most contracts on Wednesday, with nearby Dec showing thin trade ahead of Thursday’s expiration. Analysts are expecting Thursday’s USDA Export Sales report to show 250,000-450,000 MT in wheat export sales for the week ending December 7. The USDA narrowed the cash average price range for wheat by 20 cents to $4.50-$4.70, as the mid-point was left at $4.60. Iraq is seeking 50,000 MT of US, Australian, and Canadian wheat, with the tender to close on December 19. The French AgriMer trimmed their projection for wheat exports outside of the EU by 0.4 MMT to 9.5 MMT.

Dec 17 CBOT Wheat closed at $3.92 1/4, up 5 cents,

Dec 17 KCBT Wheat closed at $3.99, up 5 cents,

Dec 17 MGEX Wheat closed at $5.99 3/4, up 3 cents

ZWZ7 (cbot)

KEZ7(kansas)

5770