Corn Futures PricesFri, Jan 23rd, 2015
Latest Brugler Corn Report
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Corn futures closed higher Friday following a bullish USDA weekly net export sales report, pegged at 2.185 MMT. The sales for the week ending January 15were a marketing year high and far beyond trade expectations. Top buyers were unknown destinations (483,700 MT) and our regular buyers, Japan (426,300) and South Korea (369,800 MT). Export shipments were also up – 91% from the prior week and 31% from the prior 4-week average. As we noted earlier this week, the fading of soybean shipments means the transportation system has more assets available for corn. However, corn was down marginally for the week and index funds and managed money both decreased their long positions in the CFTC report, by 6,570 and 7,593 contracts respectively, leaving them long by slightly more than 218,800 and 197,000 contracts.
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