Corn Futures PricesFri, Oct 28th, 2016
Latest Brugler Corn Report
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Corn futures lost 2 1/2 to 3 cents on the Friday session, but were 2 1/2 cents higher for the week. We sense a little pressure from rapid harvest progress, a mostly dry forecast, and probably a little profit taking ahead of the weekend. IGC hiked projected 2016/17 world corn production by 8 MMT from previous estimates, with half of that coming in the U.S. World corn ending stocks are seen at 221 MMT, up 6% from last year. Weekly data from the CFTC on the Commitments of Traders report showed managed money accounts were net 1,016 contracts less-short than a week earlier. They were adding both long and short positions, but obviously more longs.
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