Corn (P) Futures PricesFriday, May 17th, 2013
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Latest Brugler Corn (P) Report
Corn futures closed more than 11 higher in the now-nearby July contract, but December corn futures ended the day down 4.5 cents. Producers are being shut out of planting on a rotating basis as rains develop in very humid air. The strong dollar is a concern relative to export sales, but ethanol plants are unaffected and are buying aggressively due to solid margins. Memphis based Informa this morning told clients that it now thinks corn acreage will be only 96.827 million acres. That would be 455,000 acres less than the March intentions report. After the markets closed, the Cattle on Feed report showed placements at 115.1% of last year, which implies stronger than expected feed use. The weekly CFTC commitment of traders report showed managed money accounts increased their net long position by an even 14,000 contracts.
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