Corn Futures PricesTue, Dec 1st, 2015
Latest Brugler Corn Report
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Corn futures are currently trading a couple cents higher, after closing a nickel higher on Monday. Yesterday afternoon, the EPA released its ethanol blending requirements, requiring refiners to blend 18.11 billion gallons of renewable fuels in 2016 (May 2015 proposal: 17.4 bil gal; Congress 2007 target: 22.25 bil gal), including 14.5 bil gal of ethanol in 2016 and 14.05 bil gallons in 2015. Marketing year to date inspections are 6.714 MMT, still down 26% from the same point in 2014. The CFTC report was delayed until last night due to the Thanksgiving holiday. It showed that managed money spec accounts increased their corn net short position by 41,404 contracts to a net short position of 99,808 contracts as of the close last Tuesday.
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