Corn (P) Futures PricesTuesday, Jun 18th, 2013
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Latest Brugler Corn (P) Report
Corn futures are trading between 2 and 10 cents higher, currently led by the new crop. The front month rallied to a level not seen since the March 28 stocks report shortly after the pit opened, but has retreated to only a few cents above the Monday close. Gulf corn basis was reported at a record high for the month of June at $1.25 over the July futures price in Chicago. Strong ethanol demand is supporting basis levels in the interior Midwest which results in stiff competition for the ports. The competition would be stronger if US export sales were more robust. USDA showed 92% of the intended US corn crop is now emerged vs. 97% average. USDA is no longer surveying planting progress. The crop condition ratings did not improve much, with 64% now rated good/ex vs. 63% last week. The Brugler500 Index is at 366, up 3 points from last week.
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