Corn Futures PricesFri, Sep 19th, 2014
Latest Brugler Corn Report
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Corn futures closed around three cents lower. Trade estimates for US corn export sales last week were in the 450,000 to 800,000 MT range. The USDA update at 7:30 am CDT put the actual figure in the middle of the range at 659,700 MT. YTD commitments are 29% of the USDA full year forecast. They would typically be 34% by now. Weather forecasts continue to be benign through the end of the month, promising more rapid harvest progress as the crop matures. Some ethanol plants are still paying premiums or waiving drying charges to get corn into the system, but those basis pushes are becoming less common every day. Private analyst Strategie Grains raised projected EU corn production to 71.3 MMT, 3.3 MMT above USDA.
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