Corn Futures PricesFri, Mar 7th, 2014
Latest Brugler Corn Report
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Corn futures closed 2 to 4 cents lower on the day. The May 14 contract traded up to $5.02 overnight but reversed to the downside and closed down a few cents at $4.89. The CFTC Commitment of Traders report tonight showed managed money added 70,606 contracts to their net long position in corn last week, giving them a net long position of 158,122 contracts. They are buying against farmer selling. The average trade guess for US corn ending stocks in the Monday USDA WASDE report is 1.495 billion bushels, according to a Bloomberg survey. That implies a cut in feed use, but USDA has not cut feed use in the March report in 18 years because they have better data if they wait for the March 31 Grains Stocks numbers.
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