Corn Futures PricesTue, Mar 11th, 2014
Latest Brugler Corn Report
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Corn futures are trading steady to a penny lower after a moderately lower close on Monday. Preliminary OI was down 1,331 contracts, so the long liquidation was fairly minor. There were only 2 contracts put out against the Mar 14 contract overnight. USDA cut the ending stocks estimate to 1,456 Mb with a 25 million bushel increase in exports. USDA pegged the Argentina figure at 24.0 MMT and the Brazilian figure at 70.0 MMT (both unchanged from Feb and thus a little bearish). Last night, the Texas corn crop was reported at 10% planted vs. 8% the previous week. The 5 yr average for this time of year is 18%. The Texas sorghum crop was reported at 7% planted vs. e% the previous week. The 5 yr average for this time of year is 11%.
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