Corn (P) Futures PricesWednesday, May 22nd, 2013
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Latest Brugler Corn (P) Report
Corn futures settled 4 to 18 ½ cents higher. The July was bearish on Tuesday but bullish on Wednesday due to improved demand or at least consumption. Weekly EIA ethanol production rose 2.1% to 875,000 bpd. Weekly imports were again zero. Ethanol stocks continued to decline, to 16.182 million barrels. On a related note, RIN futures began trading on the CME Clear Port system last week. USDA reported 360,000 MT (14.7 million bushels) of new crop corn export sales to China under the daily reporting system this morning. Another 180,000 MT was booked to unknown destinations. These sales are seen as a sign that the $5-5.20 area (adjusted for basis) is attractive to potential importers. USDA is expected to show net weekly export sales of 200-500,000 MT for last week.
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