Corn Futures PricesWed, May 25th, 2016
Latest Brugler Corn Report
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Corn futures closed the midweek trade with gains from 5 1/2 to 7 1/4 cents. Dec16 corn finished at its highest daily close since October 13 and is up 10.8% since the first of April. Ethanol stocks as of May 20 were shown tightening by 300,000 barrels week over week to 20.8 million barrels per the EIA this morning. This stocks figure set a new reported 2016 low, and marked three consecutive weeks of declining ethanol stocks. Ethanol production was pegged at 946,000 barrels per day during the week ending last Friday, a reduction of 2,000 barrels per day from the previous week. USDA Export Sales for the week ending May 19 are expected to range from 1.0 to 1.3 MMT for 2015/16 delivery, and from 250,000 to 450,000 for 2016/17 delivery. Chinese auctions on Friday will reportedly sell off 2 MMT of state owned corn.UkrAgroConsult estimated that the Ukrainian corn crop was 95% planted as of Monday.
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