Corn Futures PricesThu, Apr 24th, 2014
Latest Brugler Corn Report
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Corn futures are trading 1 to 2 cents higher this morning. Funds were thought to be buyers of around 9,000 contracts yesterday. The Rosario Grain exchange estimated Argentina corn production at 23 MMT, which was up from their previous estimate of 22.7 MMT. China was said to have purchased 120,000 MT of sorghum from the US. The weekly EIA report showed ethanol production at 910,000 bpd, which was lower compared to last week’s figure of 939,000 bpd. Ethanol stocks rise 500,000 barrels to 16.5 million barrels. Ethanol imports were 11 million bpd last week. Trade estimates for USDA weekly export sales report were in the 400,000 to 1 MMT range. USDA put the actual figure this morning at 1,001,800 MT (including 382,900 MT for 14/15).
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