Corn Futures PricesThu, Jul 28th, 2016
Latest Brugler Corn Report
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Corn futures posted gains of 2 1/2 to 3 1/2 cents on Wednesday, with Dec16 corn closing at $3.43/bu. As expected, the Federal Reserve did not change interest rates in its meeting on Wednesday, but stated that “near-term risks to the economic outlook have diminished.” EIA ethanol production was 998,000 barrels per day during the week ending July 22 per the weekly report released early this morning. This was down 31,000 barrels per day from the record production set during the week before. Ethanol stocks as of last Friday were reported at 20.4 million barrels, down 800,000 barrels from the previous Friday, and the second-lowest stocks level reported this calendar year. EU corn production in 2016/17 is predicted at 62 MMT by the local ag attache. That compares to the official USDA estimate of 63.831 MMT. USDA reported that 247,912 MT of US corn was sold to unknown destinations this morning under the daily reporting system, with 70% of the total for 2016/17 delivery. Export sales estimates for the week ending July 21 range from 750,000 MT to 1.0 MMT.
InsideFutures Grains News
Traditionally, trading of corn futures reaches a peak during the summer months, with corn prices affected by weather and plant-times. Buying and selling corn futures can insure traders against negative fluctuations in corn prices. Our tables are updated frequently to show the current corn quotes and corn futures prices.