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CME: Corn Futures Closed Higher Friday

17 June 2013

US - July Corn finished up 10 3/4 at 654 1/4, 3 3/4 off the high and 10 1/2 up from the low. December Corn closed down 2 1/4 at 533. This was 2 1/2 up from the low and 3 3/4 off the high.

The corn market traded lower early in the session but July corn caught a strong bid late in the day to push it up double digits into the close.

Bull spreading in the July/Dec was very active due to very firm basis levels in the interior of the US and export markets for nearby shipment.

The market has been on its back since Wednesday following the relatively bearish USDA report and December corn finished the week in negative territory.

Weather conditions remain wet for many areas but temperatures remain non-threatening with some hoping the trend continues the rest of the month and into July.

Some traders indicate that a slowdown in shipping from Argentina and Brazil could push some demand to the US border in the short term but otherwise the export outlook is rather abysmal.

This may have helped support nearby cash values in the export markets today. Traders were also taking profits ahead of the crop conditions report next Monday.

July Rice finished down 0.06 at 16.505, 0.075 off the high and 0.125 up from the low.

Soy Futures Closed Higher

July Soybeans finished up 6 1/4 at 1516 1/2, 5 1/2 off the high and 10 1/2 up from the low. November Soybeans closed down 2 1/4 at 1298 1/4. This was 10 1/4 up from the low and 8 3/4 off the high.

July Soymeal closed down 1.9 at 450.7. This was 1.4 up from the low and 6.0 off the high.

July Soybean Oil finished up 0.64 at 48.48, 0.02 off the high and 0.68 up from the low.

The soybean market ended the day mixed with the downside being led by the November contract while July soybeans probed into positive territory.

The July/November spread pushed higher and the July contract traded both sides of the unchanged for most of the session.

The old crop supply tightness as well as firm cash meal price continues to underpin the supportive tone.

The bear camp seemed hesitant to push the short side from current price levels given the uncertain weather outlook and ahead of a very important planting progress report on Monday which some indicate could come in near 90%.

NOPA will also release crush data from May on Monday which will be key to price direction next week. The 5 day outlook continues to look wet for areas of NE, IA, MO, and MN which may stall planting although good progress has been made in some key regions of the Corn Belt this week.

Wheat Futures Closed Lower

July Wheat finished down 4 3/4 at 680 3/4, 4 3/4 off the high and 4 1/4 up from the low. December Wheat closed down 5 1/4 at 701 1/2. This was 4 1/2 up from the low and 5 1/4 off the high.

Wheat futures traded lower on the day on souring technical charts that continue to keep bulls honest amid mostly favorable Northern Hemisphere weather conditions.

The KC July contract has posted a fresh low for the year while the Chicago July hovered just above yesterday's lows throughout the day.

Traders indicated that the Chicago wheat harvest was running smoothly with trucks dumping at elevators in parts of KY and MO.

Harvest in southern OK up to the southern border of KS was going as well although the KS harvest is very young at this point. Funds continue to pile onto the short side of the Chicago wheat market with some beginning to suggest futures are near oversold conditions.

The 2 week forecast for Kansas is trending wetter and while the moisture is needed in some drought stricken regions, it could be harmful to some of the crop in central KS. Traders will continue to monitor weather patterns over the weekend.

July Oats closed down 8 3/4 at 399 1/2. This was 4 up from the low and 7 1/4 off the high.

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