Corn Futures PricesTue, Sep 30th, 2014
Latest Brugler Corn Report
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Corn futures closed mostly a nickel lower today, touching five year lows in the front month. This action followed the USDA Grain Stocks report released at 11AM this morning. The report showed 2013/14 US ending stocks were 45 million bushels(mbu) larger than the trade had been expecting. The official NASS figure was 1.236 billion bushels(bbu), while the average pre-report trade guess was 1.191 bbu. That implies a very strong 2.62 bbu of corn use in the fourth quarter. The problem, of course, is that we are staring at a record 2014 crop and any additional supply help from 2013 was not appreciated! As of Sunday, 12% of the NEW crop has been harvested compared to the 5yr avg of 23% for this date.
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