Corn Rallies Double Digit
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The midweek session wrapped up with new crop corn futures more than 20 cents higher than they went home on Tuesday. A Brazilian crop shortfall was the main theme. September corn prices were 20 3/4 cents stronger on Monday, and old crop futures ended the day 11 3/4 cents higher for July. May contracts were up 8 1/2 cents which narrowed the July inverse to 44 3/4 cents. 

 

USDA’s mandatory reporting system notified markets this morning of large export sales activity. Mexico purchased 184,100 MT of new crop corn. Private exporters also sold 147,320 MT of corn to unknown buyers – split 45.7k for old and 101.6k MT for 21/22 delivery. USDA also noted a 140k MT cancelation of an old crop Chinese purchase. 

 

Export Sales estimates for corn (USDA out tomorrow) show traders expect between 200,000 and 900,000 MT of old crop corn sold during the week ending 4/29. New crop corn bookings are estimated between 100k and 600k MT. 

 

EIA’s weekly data release showed that ethanol producers averaged 952,000 bpd of production through the week ending 4/30. That was up another 7,000 barrels per day and was a 4 week high. Ethanol stocks were 704k barrels higher, to 20.44m barrels. Gasoline stocks declined. 

 

May 21 Corn  closed at $7.53 1/4, up 8 1/2 cents,

Jul 21 Corn  closed at $7.08 1/2, up 11 3/4 cents,

Nearby Cash  was $7.22 3/4, up 12 cents,

Dec 21 Corn  closed at $6.04 3/4, up 24 1/4 cents,

New Crop Cash  was $5.79 2/7, up 24 1/4 cents,




<p>Market Commentary provided by:<br /> <img src="https://s3.amazonaws.com/images1.aws.barchart.com/logos/bruglerlogo.gif" border="0" /><br /> Brugler Marketing &amp; Management LLC<br /> 1908 N. 203rd St.Omaha, NE 68022<br /> Phone: 402-697-3623<br /> Fax: 402-289-2353<br /> E-mail: <a href="mailto:alanb@bruglermktg.com">alanb@bruglermktg.com</a><br /> Web: <a href="http://bruglermarketing.com/">http://bruglermarketing.com</a></p> <p align="center"><!-- [if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:TrackMoves/> <w:TrackFormatting/> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> 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QFormat="true" Name="TOC Heading"/> </w:LatentStyles> </xml><![endif]--><!-- [if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} </style> <![endif]--></p> <div class="MsoNormal" align="center"> <p>Did you know Brugler Marketing &amp; Management has more to offer to you than just this free daily commentary?! 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