Corn Futures PricesFri, Jul 29th, 2016
Latest Brugler Corn Report
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Corn futures closed with 3 1/2 to 4 cent gains, with Sep16 corn down only 1/2 cent on the week. Corn prices were supported on Friday by the NWS 8 to 14-day forecast calling for below normal precipitation in the Corn Belt, along with a 1000 point drop in the US Dollar Index. As of the Tuesday close, managed money held a net short CFTC position of 65,538 contracts. This was a week over week increase to the net short position of 52,176 contracts. Corn harvest in Argentina is estimated by the Buenos Aires Grain Exchange to be 56.6% complete, versus 79% at this time last year. Average Argentinean export prices are $182/ton, versus average US offers of $174/ton, and average Brazilian offers of $193/ton. The International Grain Exchange increased its 16/17 world corn production estimate by 14 MMT to 1.017 BMT (USDA: 1.011 BMT). This estimate includes a 10 MMT increase in US corn production to 365 MMT (USDA: 369 MMT).
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