Corn Futures PricesWed, Jul 23rd, 2014
Latest Brugler Corn Report
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Corn futures are trading slightly higher this morning. Funds were estimated net sellers of 4,000 contracts of corn on Tuesday. Trader talk is that a private advisory service is projecting a yield of 192.70 bushels per acre in ten counties in southern Illinois based on a crop tour, which compares to last year’s yield of 182.30 bpa. Relatively dry weather over the past week from North Dakota through Indiana with a dry forecast brought some support to the market earlier yesterday, but corn futures lost ground due in part to the sharp rally in the dollar yesterday. Soil moisture in the affected area is thought to be mostly adequate for now, but there is some threat to crops with shallow root structure as it diminishes. SAFRAS estimated that 32% of the Brazilian second crop corn has been harvested, running ahead of 28% a year ago. Much of the safrinha crop will be exported.
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