CME: Corn Futures Closed Higher Monday
21 February 2012
US - March Corn finished up 5 1/2 at 641 3/4, 5 off the high and 6 1/2 up from the low. May Corn closed up 5 1/2 at 645 1/4. This was 6 1/2 up from the low and 4 3/4 off the high.
May corn closed 5 1/2 cents higher on the session and this left the market with a gain of 9 3/4 cents for the week. Funds were noted as active buyers for the second day in a row.
A slightly positive tilt to outside market forces, a jump in soybean values and continued positive news on exports helped to support the market early today.
The early bounce pushed the market to test the highs of the week set on Monday. Private exporters reported a sale of 132,000 tonnes of US corn to South Korea. Optimism on a Greek financial bailout plus a firm tone to international equity markets added to the positive tone.
Ukraine feed wheat exports have competed with US corn on the world market this year so traders viewed the news that Ukraine will limit wheat exports for the remainder of the marketing year as a positive development for US corn exporters.
March Rice finished down 0.165 at 14.135, 0.205 off the high and equal to the low.
Wheat Futures Closed Higher
March Wheat finished up 15 1/4 at 644, 2 3/4 off the high and 18 1/4 up from the low. July Wheat closed up 11 3/4 at 659 3/4. This was 15 up from the low and 1 off the high.
May wheat closed 12 1/2 cents higher on the session and this left the market with a gain of 9 3/4 cents for the week. Talk that China may be looking to import significant quantities of wheat helped to support.
A continued flow of positive export sales news plus a rally in the other grains and a positive tilt to outside market forces helped to support the early gains.
Private exporters reported a sale of 120,000 tonnes of US soft red wheat to Egypt. Talk of the oversold technical condition of the market and ideas that fund traders still hold a hefty net short position in wheat helped to support the market.
Open interest was up 2,251 contracts yesterday. News that Ukraine will limit wheat exports for the remainder of the marketing year helped to support as well. July KC wheat closed 15 cents higher on the week. March Oats closed unchanged at 323 3/4. This was 1 1/2 up from the low and 4 1/4 off the high.
Soybean Futures Closed Higher
March Soybeans finished up 9 1/4 at 1267 1/2, 5 3/4 off the high and 11 1/4 up from the low. May Soybeans closed up 8 3/4 at 1273 3/4. This was 10 up from the low and 5 3/4 off the high. March Soymeal closed up 1.7 at 332.5. This was 1.7 up from the low and 2.3 off the high.
March Soybean Oil finished up 0.35 at 53.4, 0.36 off the high and 0.4 up from the low. May soybeans closed 8 3/4 cents higher on the session and gave back part of the strong gains on the day late in the session with some long liquidation selling ahead of the long weekend. The market gained 36 1/4 cents for the week.
News of further strong sales to China plus production uncertainties for southern Brazil helped to support the strong gains early in the session today.
The rally pushed the market to the highest level since October 17th. Private exporters reported the sale of 2.92 million tonnes of US soybeans to China with 2.75 million for the 2012/13 season and 173,000 tonnes for this season. The US Soybean Export Council indicated that the China delegation inked agreements to buy 13.4 million tonnes of US soybeans this week.
In addition, Morocco bought 20,000 tonnes of US soybean oil for the 2011/12 season. Taiwan is tendering for 40,000-60,000 tonnes of soybeans from the US or Brazil. Open interest was down 4,009 contracts yesterday.
A barge collision and oil spill closed the Mississippi river near New Orleans temporarily today and the river re-opened for one-way traffic.
TheCropSite News Desk
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