Latest Brugler Corn Report
Corn futures closed a couple cents higher on the day. August ethanol futures were up more than 3.5 cents from yesterday. Weekly corn crop condition ratings showed a slight improvement overall this week. The Michigan crop showed the most improvement from a week ago and the MN crop gained another 2 points on the Brugler500 Index. IL and IN improved three points while the Iowa rating was unchanged from last week. As of Sunday night, only 22% of the crop had NOT reached the silking stage. Private exporters reported to the USDA that 120,000 MT of sorghum were booked for export to China that was split evenly between old and new crop delivery. There is talk of Beijing implementing a tariff on sorghum imports to help encourage consumption of their local corn stocks.
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