Corn Market 1 to 2 Cents Higher on Short Covering

Corn prices moved 1 to 2 cents per bushel higher overnight as shorts took some money off the table. Corn futures faced sharp selling pressure on Tuesday, as front months were down 7 to 9 cents. Several new crop months posted contract lows. Barchart’s cmdty Yield Forecast for August is 174.8 bpa. That is up 1 bpa from the July forecast, but below USDA’s 178.5. Other firms are forecasting 180 to 183 bpa. The 7-day QPF shows precip hitting 1-1.5 inches in scattered parts of the Corn Belt, including good coverage in Iowa. The 8-14 day outlook shows higher chances for above normal temp and slightly above normal precip for the Eastern half of the US through mid-August. EIA will release the weekly ethanol production data later this morning. Official June export data will also be released.

--- provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.