Corn Futures PricesFri, May 6th, 2016
Latest Brugler Corn Report
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Corn futures are trading 2 to 4 cents higher at midday, after being steady to only slightly higher this morning. Cuts to predicted Brazilian safrinha production continue to roll in, with AgRural reducing its estimate from 54.6 MMT to 48.9 MMT. The USDA will release its updated supply and demand figures next Tuesday. Chinese corn acreage is projected by the Chinese agriculture ministry to drop by 3.29 million acres in 2016/17. Private exporters reported to the USDA that 132,000 MT of US corn was sold to Israel this morning for 2015/16 delivery. Russian corn export prices were $1-$2 higher last week to $190-$195/ton, per UkrAgroConsult.
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