Corn Futures PricesThu, May 26th, 2016
Latest Brugler Corn Report
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Corn futures are trading 1 to 4 cents higher this morning, after gaining 5 1/2 to 7 1/4 cents on Wednesday. Dec16 corn posted its highest daily close since October 13 yesterday, and was up 10.8% since the first of April. Preliminary open interest was up 13,853, indicating net new buying interest. Ethanol stocks as of May 20 were shown tightening by 300,000 barrels week over week to 20.8 million barrels per the EIA yesterday morning. Ethanol production was pegged at 946,000 barrels per day during the week ending last Friday. USDA Export Sales for the week ending May 19 are expected to range from 1.0 to 1.3 MMT for 2015/16 delivery, and from 250,000 to 450,000 for 2016/17 delivery. Chinese auctions on Friday will reportedly offer 2 MMT of state owned corn. It is normal for the government to sell reserve/loan stocks back to the market from May to harvest.
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