Corn Mar '17 (ZCH17) CBOT
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Brugler reportGet the Newsletter
Corn futures settled mostly 6 cents higher on Friday, and the December 16 contract logged a 15 cent gain for the week. USDA left projected US corn ending stocks UNCH at 2.403 MMT. The average cash price midpoint was increased 5 cents. A Bloomberg News survey of trade analysts had the average pre-report expectation for world corn ending stocks at 219.2 MMT, which would be 1 MMT larger than the November report. Some industry estimates were as high as 224.8 MMT. The WASDE team went with 222.3 MMT, with most of the hike coming because of a 3.0 MMT increase in expected Brazilian corn production compared to last month. The weekly Commitment of Traders report showing positions as of last Tuesday had managed money continuing to increase their net short position in corn futures and options, adding a net 3,331 contracts from a week earlier. Dec 16 Corn settled at $3.52 1/2, up 6 cents, Mar 17 Corn settled at $3.59 1/2, up 6 cents, May 17 Corn settled at $3.66 1/4, up 6 cents Jul 17 Corn settled at $3.73 1/2, up 5 3/4 cents
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