Corn Futures PricesTue, Aug 23rd, 2016
Latest Brugler Corn Report
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Corn futures are trading mostly 1 or 2 cents lower after closing 3 1/4 to 5 1/4 cents lower on Tuesday. Higher US crop ratings and less bullish than expected crop numbers from the first day of the PFA tour weighed on the market. The Stats Canada crop report was a bullish element, as it showed an 8.9% drop in corn production vs. last year at 12.3 MMT. The average yield estimate dropped to 149.3 bpa from 164.7 bpa last year. The main corn export province (Ontario) was particularly hard hit. The PFA tour released results for IN and NE last night. The Indiana average yield was 173.42 bpa, more than 8 bushels above the 3 year average. The participants calculated an average of 158.6 bpa for Nebraska, vs. a 3 year average of 161.29. NASS was at 158 for IN and 187 for NE in the August crop report.
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