Corn (P) Futures PricesMonday, May 20th, 2013
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Latest Brugler Corn (P) Report
Corn futures are trading 1 to 6 cents lower at midday despite a weaker US dollar. Trade guesses for tonight’s weekly planting progress report from USDA appear to be focused in the 60-70% range. Some sources suggest Ohio and Indiana may be more than 90% done. The lag is in IL and IA and the upper Midwest. The weekly CFTC commitment of traders report showed managed money accounts increased their net long position by an even 14,000 contracts. This morning’s USDA Export Inspections report showed 14.6 million bushels last week, up from 12.7 million the week before but of course lagging the 26.8 million shipped during the same week in 2012. Chinese sources are indicating that planting in Heilongjiang is now running ahead of year ago, with 6.73 million HA planted as of May 17.
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