Corn Futures PricesTue, Apr 22nd, 2014
Latest Brugler Corn Report
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Corn futures are trading steady to a penny higher. Preliminary OI was down 8,181 contracts, defining the rally as short covering. The CME announced daily trading limits for corn futures will be decreased from 40 cents to 35 cents on May 1. The new limits will be in effect until November. Today the trade will we be focused on the weekly EIA report which due out later this morning. Private exporters reported to the USDA export sales of 240,000 MT of corn to Mexico during the 2014/2015 marketing year. South Korea’s KFA group was said to have purchased 60,000 MT of optional origin corn. The heavyweight states of IL, NE, IA, & IN were each reported at less than or equal to 5% complete planted through Sunday. A number of planters were running in western IA on Tuesday. Missouri was reported at 26% planted, vs. 9% the previous week and the 5 yr average of 12%.
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