Corn Futures PricesWed, Oct 26th, 2016
Latest Brugler Corn Report
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Corn futures are trading fractionally higher after picking up 1 cent per bushel on Tuesday. US export sales commitments are well above year ago, but shipments might be slowed by the huge soybean program currently in progress. Harvest will be slowed by some patches of wet weather, but enough bushels are already on hand to carry us well into 2017. That is if producers can be persuaded to sell. China has indicated that they will buy at least some reserve corn this fall at 1400 CY/MT (~$5.25 per bushel). This would be less than 10% of the crop, and re-sold into the market next summer. They halted auction sales of reserve corn earlier, to allow cash markets to absorb supplies at world market prices. Chinese production is smaller this year because of the acreage cut back.
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