Corn (P) Futures PricesThursday, May 23rd, 2013
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Latest Brugler Corn (P) Report
Corn futures settled mostly 3 to 4 cents higher. Gross corn use of ethanol by the plants last week (before DDG and corn oil netback) was about 92 million bushels. The current production rate would equate to nearly 4.8 billion bushels of corn use for the year if sustained into harvest. USDA was expected to show net weekly export sales of 200-500,000 MT for last week. The actual figure released this morning was on the higher end at 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. The Argentine Ag Ministry left its estimate of corn production there at 25.7 MMT. The most recent USDA figure is 26.5 MMT.
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