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Double Digit Gains for Corn

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Corn closes off the highs in an afternoon pullback. Front month futures still closed with double digit gains after USDA’s lower than expected planted acreage. December futures were up the most on the day with a 4.71% bounce to $3.50 1/2. The USDA Acreage report showed 92.006 million acres of corn was planted or intended to be planted at the time of the survey ending on June 16, including 2.339 million not then planted. Traders were expecting a much smaller cut on average, as new crop plantings were down a whopping 4.984 million acres from March’s Planting Intentions. The bearish Grain Stocks report was overlooked because of the bigger numbers in the Acreage shift. Old crop corn stocks were 5.224 bbu as of June 1, but trade was expecting only 4.959 bbu on average. Most of that adjustment is expected to show as either Feed & Residual or FSI use in the July WASDE report.

Jul 20 Corn closed at $3.38 1/2, up 12 1/4 cents,

Sep 20 Corn closed at $3.41 1/2, up 12 3/4 cents,

Dec 20 Corn closed at $3.50 1/2, up 15 3/4 cents,

Mar 21 Corn closed at $3.61 1/4, up 15 3/4 cents,

--- provided by Brugler Marketing & Management

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