Corn continued its move higher today as Dec corn traded up to 358 ¾ the high of the day before breaking 4 cents in the final hour and settling at 354 ¼. The Dec contract traded 260k contracts and is approaching the 100 day moving average at 360. Funds fueled the charge higher again today and were net buyers of 13k which now puts them back at Net short about 160k contracts In the Cash this afternoon, CIF corn was weaker in the fronts. CIF Corn steady off 4. Oct. +32 to +40, Nov. +47 to +52, Dec. +49 to +55, Jan. +45 to +50, Feb. +45 to +50, Mar. +45 to +50
This morning’s USDA Corn Export Sales came out with 873,400 mln mt and 30,500 for 17/18; that was with in expectation as the market was looking for 800k-1.2 mln mt. The Argentine Rosario Grain Exchange estimated Argentine farmers plan to plant 19.6 million hectares to Soybeans in the 2016/17 crop year down 3% from last year. Corn planting is forecast at 5.7 million hectares vs. 4.5 million last year. The Argentine Buenos Aires Exchange estimated Argentine Corn planting 31.8% complete vs. 25.7% last week and 27.5% last year on this date. The EIA reported weekly Ethanol production at 962,000 barrels per day off 18,000 barrels per day from last week. Ethanol stocks came in at 19.3 million barrels off 784,000 barrels from last week. USDA said 91.01 mln corn acres, including failed acres, were enrolled into the subsidy program as of Oct 3rd, that compares to the 90.94 mln in the previous month's report. US prevent plant corn acres totaled 1.052 mln acres compared to last month's 1.049 mln. EU weekly data released Thursday shows 153,000 mt of corn import licenses were granted in the latest period, bringing the season to date total to 2.2 mln mt
6-10 Day Forecast: Above Normal Temps. Above Precip in the East. Normal to Below in the West. Record warmth in Central and Southern plains over the next 4 days reaching into the 90s in some areas. Mainly dry over most of the belt and much of Iowa and Ohio, but some rain to be expected in the Pacific North West and Texas to Michigan. In South America rains continue to hit Argentina and Southern Brazil with 10 day totals being the heaviest in Rio Grande do Sul at 15 inches. Rains are expected to continue into the weekend there with concerns over crops growing.
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