Corn Futures PricesTuesday, Jun 18th, 2013
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Latest Brugler Corn Report
Corn futures rallied sharply today, led by old crop July. Some ethanol plants are moving their bids to the September futures, fearing a short squeeze rally/distortion in the July contract. July futures options expire on Friday. The USDA Export Inspections report showed 14.144 million bushels shipped last week, more than doubling the total from the previous week. Shipments YTD are now 560.9 million bushels, still well below the 1.269 billion accumulated by this date in 2012. After the close, USDA showed 92% of the intended US corn crop is now emerged vs. 97% average. USDA is no longer surveying planting progress. The crop condition ratings did not improve much, with 64% now rated good/ex vs. 63% last week.
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