Latest Brugler Corn Report
Corn futures are trading mostly 2 or 3 cents lower at midday, giving back most of the gains seen yesterday. Cumulative US corn export commitments are now 55% of the full year forecast, close to the 56% average pace for this date. The USDA 10 year baseline forecast, used for budgeting purposes and released yesterday, anticipates 88 million planted acres in 2015. Production was estimated at 13.45 billion bushels. A DeutscheBank outlook for 2015 indicated that current grain price levels for 2015 are “underpricing [weather] event risk(s)”.