Corn (P) Futures PricesThu, Apr 24th, 2014
Latest Brugler Corn (P) Report
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Corn futures are trading steady to a penny lower at midday. The July 14 contract traded as high as $5.07 before reversing to the downside on a “buy the rumor, sell the fact” reaction to the strong export sales. The Rosario Grain exchange estimated Argentina corn production at 23 MMT, which was up from their previous estimate of 22.7 MMT. Estimates for USDA weekly export sales report were in the 400,000 to 1 MMT range. USDA put the actual figure this morning at 1,001,800 MT (including 382,900 MT for 14/15). Total commitments as a % of total exports are now at 97% compared to 91% last year and the 5 year average of 86%.
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