Corn futures are showing some “sell the rumor, buy the fact” action at midday, with most contracts steady to 1 1/2 cent higher. The monthly USDA S&D report confirmed what many had anticipated, adding 200 mbu to the 18/19 ending stocks projection at 2.035 mbu. All three major demand categories saw reductions. On the world side, both Argentina was hiked 1 MMT (now 47 MMT), and Brazil was boosted 1.5 MMT to 96 MMT. That added supply, coupled with rising US stocks, caused world carryout to be upped by 5.48 MMT to 314.01 MMT. Forecasts of wet and cold weather with heavy snow accumulations this week across the WCB are also supportive. As expected, USDA last night reported national corn planting progress at 2% complete, matching the average for this date.
May 19 Corn is at $3.60 3/4, up 3/4 cent,
Jul 19 Corn is at $3.69 1/4, up 3/4 cent,
Sep 19 Corn is at $3.78 1/4, up 1 cent
Dec 19 Corn is at $3.89 3/4, up 3/4 cent
--provided by Brugler Marketing & Management