Corn Closes Higher but Sees Late Selling
BRUG - Wed May 15, 5:10PM CDT

Corn futures settled Wednesday with most contracts steady to 1 1/4 cents higher, with the front months coming down 8 to 10 cents from their intraday highs. Soil moisture models show some drying this week, which should allow for planting to pick up a little. However, rains are expected to return later in the weekend/beginning of next week in the Corn Belt. This morning’s weekly EIA report indicated the largest ethanol production and implied corn use number since the week of 1/11 at 1.051 million barrels per day. That was up 15,000 bpd from the previous week, as ethanol stocks were also drawn down by 218,000 barrels to 22.25 million barrels. USDA is expected to show 200,000-500,000 MT of old crop corn sales in the week of May 9, with new crop seen at 100,000-400,000 MT ahead of Thursday’s report. A private Ukrainian consultancy trimmed their corn crop estimate by 2.5 MMT to 33.1 MMT for 2019.

Jul 19 Corn closed at $3.69 1/2, up 3/4 cent,

Sep 19 Corn closed at $3.78 1/4, up 1 cent,

Dec 19 Corn closed at $3.88 3/4, up 1 cent

Mar 20 Corn closed at $4.00 1/2, up 1 cent

--provided by Brugler Marketing & Management




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