Latest Brugler Corn Report
Corn futures closed 1 to 3 cents lower on the day. The July 14 contract traded as high as $5.07 before reversing to the downside on a “buy the rumor, sell the fact” reaction to the strong export sales. USDA weekly export sales through April 17 were on the high end of estimates at 1,001,800 MT (including 382,900 MT for 14/15). Total commitments as a % of total exports are now at 97% compared to 91% last year and the 5 year average of 86%. The Rosario Grain exchange estimated Argentina corn production at 23 MMT, which was up from their previous estimate of 22.7 MMT.
InsideFutures Grains News
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