Corn Futures PricesFri, Jul 1st, 2016
Latest Brugler Corn Report
Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.
Corn futures closed 3 to 5 3/4 cents lower on Friday, with Jul16 corn down 31 1/2 cents on the week (a week to week decline of 9%). July’s closing price of $3.53 on Friday was just 1 3/4 cents above its life of contract low. The markets will be closed on Monday in observance of Independence Day. This morning’s USDA Grain Crush report showed that 425.677 million bushels of corn was used for ethanol production during May, up 8% from April, but 5% smaller than May 2015. Consultant Informa predicted the 2016 US corn yield will be 167.9 bu/ac, with national production reaching 14.531 bbu (USDA: 14.430 bbu). Monthly supply and demand tables from the IGC this morning showed the group estimates 2015/16 world corn production at 969 MMT, down 2 MMT from last month (USDA: 966.37 MT). The world production estimate for 2016/17 was left unchanged at 1.003 Billion MT (USDA: 1.012 BMT). The Buenos Aires Grain Exchange stated that the Argentinean corn harvest is 41% complete, down from 59.7% at this time last year. Managed money held a CFTC net long position of 174,726 contracts as of the close on Tuesday.
InsideFutures Grains News