Corn Futures PricesTue, Oct 13th, 2015
Latest Brugler Corn Report
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Corn futures settled around 2 pennies lower on Monday, marking the fourth consecutive session with lower prices. Excellent harvest weather (including a 91 degree Sunday in Omaha) is resulting in rapid progress and assumptions of limited field loss. On Friday, the USDA put 2015/16 US production at 13.555 billion bushels (bbu) on 80.7 million harvested acres and a national average yield of 168 bpa. Average yield estimates climbed by 2 bu/ac each in IA (to a projected state record of 183 bu/ac), OH, and SD, but dropped by 3 bu/ac in IL and 2 bu/ac in ND. Estimated exports were untouched at 1,850 mbu, while estimated ending stocks slipped to 1,561 mbu due to the reduced production. The world ending stocks estimate for the 15/16 crop was cut by 1.86 MMT to 187.83 MMT, citing a decrease of 0.15 MMT in the EU, but an increase of 0.20 in China. The weekly USDA Crop Progress and Export Inspections reports will be published on Tuesday, due to the Columbus Day federal holiday.
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