Corn Futures PricesMon, Jul 28th, 2014
Latest Brugler Corn Report
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Corn futures are trading 1 to 2 cents higher this morning. Fairly broad areas of the Corn Belt are below 100% of normal precip for July, but are now drawing on subsoil moisture from June. The Allendale brokerage firm released a 174.1 bpa national average yield guess. If realized, that would be 5.9% above the previous record set in 2009, and a year over year jump of more than 9.6%. A Reuters poll on Friday showed that the market is currently trading a 170.5 bpa average yield, 5.2 bpa above the USDA July figure. The CFTC Commitment of Traders report showed managed money decreasing their net long position in corn by 22,693 contracts as of July 22 giving them a net long position of 70,408.
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