Corn Futures PricesTue, May 3rd, 2016
Latest Brugler Corn Report
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Corn futures settled mostly 9 1/2 to 12 cents lower with the most weakness in the May contract. Confirmation of relatively advanced planting progress for the national crop from the USDA on Monday night, combined with a bounce in the US Dollar Index today, gave the bulls a reason to take some money off the table. Sharply lower wheat futures were also detrimental. Celeres cut 6 MMT off of their Brazilian safrinha corn estimate, now pegged at 52.8 MMT, suggesting a total corn production of 81.5 MMT. Informa also reduced its Brazilian corn production estimate, taking it down 2.7 MMT to 81 MMT (USDA: 84 MMT), but their Argentinean production estimate was unchanged at 27.5 MMT (USDA: 28 MMT).
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