Corn Futures PricesTue, May 31st, 2016
Latest Brugler Corn Report
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Corn futures are mixed from 2 cents lower to fractionally higher after a three day weekend. Prices on Friday were 2 3/4 to 4 1/2 cents higher, led by front month Jul16 corn, which posted an 18 1/4 cent gain last week. The dollar was firm on Friday following Fed indications of a summer rate hike. During the CFTC reporting week ending May 24, managed money increased their net long position to 64,696 contracts. This was a week over week increase of 15,718 contracts. The 2015/16 Argentinean corn harvest is now 29% complete per the Buenos Aires Grain Exchange, up just 1 percentage point from the week -before. The BAX left its production estimate unchanged at 25 MMT, versus the current USDA estimate of 27 MMT. Chinese corn futures at Dalian surged 2.5% on Monday in the active January contract. At 1599 CY/MT with the CY @ $.151933=$6.17 per bushel.
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