CME: Corn Futures Closed Lower Friday
13 February 2012
US - March Corn finished down 5 1/4 at 631 3/4, 7 off the high and 3 1/2 up from the low. May Corn closed down 6 at 635 1/2. This was 3 up from the low and 7 1/4 off the high.
March corn closed 5 1/4 cents lower on the session and down 12 3/4 cents for the week. The lower close for the week after positing a new high for the move is seen as a negative technical development.
December corn pushed sharply lower and down to the lowest level since January 24th and closed 21 3/4 cents down for the week. Bearish outside market forces with a surge higher in the US dollar and weakness in energy and equity markets helped to pressure the market early in the day.
Concerns on the Greek debt deal and further weakness in the wheat market helped pull the market lower early in the day but the market found support to bounce to near unchanged on the session into the mid-day.
Private exporters reported a sale of 240,000 tonnes of US corn to Egypt this morning which helped to provide some underlying support. March Rice finished down 0.365 at 13.715, 0.265 off the high and equal to the low.
Wheat Futures Closed Lower
March Wheat finished down 16 at 630, 15 3/4 off the high and 1 3/4 up from the low. July Wheat closed down 19 1/2 at 648 1/2. This was 2 up from the low and 19 3/4 off the high. March wheat closed 16 cents lower on the session and fell 30 3/4 cents for the week.
Bearish outside market forces with a surge up in the US dollar and weakness in the other commodity markets helped to pressure the market early.
The set-back pushed the market down to the lowest level since January 24th before a bounce into the mid-session. Follow-through technical selling after the bearish USDA news yesterday added to the selling pressure.
Record high world ending stocks and hefty soft red wheat stocks helped to pressure. Egypt announced a tender after the close. March Oats closed unchanged at 318. This was 6 up from the low and 2 off the high.
Soybean Futures Closed Higher
March Soybeans finished up 1 1/2 at 1229, 1 3/4 off the high and 14 up from the low. May Soybeans closed up 1 1/2 at 1237 1/2. This was 14 1/4 up from the low and 1 1/2 off the high. March Soymeal closed down 1 at 320.0. This was 3.8 up from the low and 1.0 off the high.
March Soybean Oil finished down 0.01 at 52.53, 0.08 off the high and 0.69 up from the low. March soybeans closed 1 1/4 cents higher on the session and 3 1/2 cents lower for the week.
A negative tone to outside market forces plus follow-through selling from yesterday's weak technical action helped to drive the market moderately lower on the session early. A surge higher in the US dollar and weakness in energy and metal markets helped to pressure soybeans and other commodity market early in the session.
Talk of improving weather in South America added to the negative tone. Talk of increased risk of Greek default helped to pressure the market as well. Private exporters reported a sale of 120,000 tonnes of US soybeans to China this morning which helped to provide some underlying support.
Talk that parts of southern Brazil are still warm and dry helped to support the market late in the day to close higher on the session. The market found support on the early break to a 5-session low and the market managed to bounce to just slightly lower on the day into the mid-session.
TheCropSite News Desk
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