Corn Futures PricesWed, Jan 28th, 2015
Latest Brugler Corn Report
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Corn futures are trading steady to as much as 2 cents lower this morning after closing mostly 2 or 3 cents lower on Tuesday. The national average cash corn index was at $3.53 1/2 as of Monday night. That put the national average basis at -31 3/4 cents, which is 12 3/4 cents weaker than it was a year ago at this time. Western Corn Belt corn stocks on December 1 were more than 13% larger than the prior year, and the ECB was more than 6% larger. That pretty much explains the weaker basis. The cash price is 58 1/4 cents below the same day last year. Ukrainian corn is reportedly being offered into the market at $206/MT FOB, which is below current US values.
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