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CME: Corn Futures Closed Higher Tuesday

27 June 2012

US - September Corn finished up 28 at 619 1/4, 3/4 off the high and 26 1/2 up from the low. December Corn closed up 29 1/4 at 623 1/4. This was 27 up from the low and 1 1/2 off the high.

The corn market was trading sharply higher heading into the closing bell with December up 30 cents on the day.

Corn bulls took profits midday on a slightly wetter 1 to 5 day weather forecast for parts of the Corn Belt but buyers reentered the market soon there-after.

The afternoon 1-5 day update shows wetter conditions in northern Illinois, northern Indiana, and Wisconsin. The updated weather model also shows drier conditions for northeastern Missouri, central Illinois, and eastern South Dakota.

Temperatures will reach triple digits in Central Illinois, Thursday and a warmer trend is expected for the central Midwest to finish out the week.

December corn posted a new 9 month high for the move as market participants reduce new crop yield estimates ahead of the Grain Stocks and Planting Intentions report this Friday.

September Rice finished up 0.09 at 15.03, 0.12 off the high and equal to the low.

Soybean Futures Closed Lower

August Soybeans finished down 10 3/4 at 1456 1/4, 23 1/4 off the high and 6 1/4 up from the low. November Soybeans closed down 11 3/4 at 1413 3/4.

This was 7 1/2 up from the low and 25 off the high. August Soymeal closed down 4.9 at 425.2. This was 4.1 up from the low and 8.8 off the high.

August Soybean Oil finished down 0.39 at 51.06, 0.68 off the high and 0.15 up from the low. Soybeans slipped lower towards the tail end of the trading session.

The November soybean contract was trading down 12 cents near the close. The soybean complex saw profit taking ahead of the USDA Grain Stocks and Planting Intentions report on Friday.

Market participants believe the USDA will likely increase soybean planted acreage from their March intentions. The afternoon 1-5 day weather update shows wetter conditions in northern Illinois, northern Indiana, and Wisconsin.

The updated weather model also shows drier conditions for northeastern Missouri, central Illinois, and eastern South Dakota. November soybeans posted a new contract high and new high for the move but closed in the lower end of its daily range.

Wheat Futures Closed Higher

September Wheat finished up 6 at 747, 8 1/4 off the high and 21 1/2 up from the low. December Wheat closed up 7 at 766 1/4.

This was 21 3/4 up from the low and 6 1/2 off the high. September Chicago wheat traded higher into the close. Short covering in wheat was noted, following the gap higher open in corn this morning.

Wheat futures traded lower to start the session on profit taking and news that India sold 200,000 tonnes of new crop wheat to the Middle East and rains were forecasted for drier areas of the Black Sea this week.

Statistics Canada will release all wheat planting intentions tomorrow. Traders believe Canadian wheat planted acreage will decline.

Friday's USDA Planting intentions are expected to show an increase in U.S. spring wheat plantings from the March estimate.

September Chicago wheat made new highs for the move and pushed to the highest level since September and closed positive on the day on follow through support from the corn market.

The market is now up 6 of the past 7 sessions. September Oats closed up 5 1/4 at 329 1/4. This was 4 1/4 up from the low and 17 1/4 off the high.


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