Corn Futures PricesTue, Dec 1st, 2015
Latest Brugler Corn Report
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Corn futures are trading steady but fractionally mixed at midday after posting nickel gains on Monday. Dec15 corn reached its highest price since November 9 early this morning, reaching $3.68 3/4; it is currently $3.66 up a penny on the day. The EPA released its long awaited ethanol requirements yesterday, telling refiners to blend 18.11 billion gallons of renewable fuels in 2016 (Up from the May 2015 figure of 17.4 bil gal; Congress 2007 target: 22.25 bil gal), as well as 14.5 bil gal of ethanol in 2016 and 14.05 bil gallons in 2015. This was a higher mandate than earlier proposed, though below the original legislation. The CFTC report showed that managed money spec accounts increased their corn net short position by 41,404 contracts to a net short position of 99,808 contracts as of the close last Tuesday.
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