Corn (P) Futures PricesThursday, May 23rd, 2013
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Latest Brugler Corn (P) Report
Corn futures are trading steady to 5 cents higher this morning, with July the strongest. RIN values for 2013 production rose to 89 cents, a strong incentive to do discretionary blending and keep the ethanol plants buying corn. Gross corn use of ethanol by the plants last week (before DDG and corn oil netback) was about 92 million bushels. USDA was expected to show net weekly export sales of 200-500,000 MT for last week. The actual figure released this morning was 446,200 MT with 341,000 MT of the total consisting of new crop sales. Unknown and Japan were the largest buyers of new crop.
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