Latest Brugler Corn Report
Corn futures are trading a few cents lower at midday. The weekly Export Inspections Report from the USDA released this morning showed 1,018,858 MT inspected this week, compared to 456,768 MT during the same week last year. Weather forecasts currently show little or no frost risk into early October, allowing late maturing crops more time to put on test weight. The weekly COT report from the CFTC showed managed money accounts adding a net 5,579 contracts to their net long position, bringing them to a net long position of 87,045 contracts. Consultant Informa projected US corn production at 14.024 billion bushels for 2014. They are also calling for 2015 planted acreage to drop to 87.3 million because of poor margins. Traders are looking for US harvest progress to be 11-12% in the weekly USDA report, vs. 4% last week and about 16% average.
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