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CME: Corn Futures Closed Higher Wednesday

24 October 2013

US - December Corn finished up 4 1/2 at 442 3/4, 3 1/2 off the high and 5 1/4 up from the low. March Corn closed up 4 1/4 at 455 1/4. This was 5 up from the low and 3 1/2 off the high.

December corn closed 4 1/2 cents higher on the day but well off of the early highs. Strength in the other grains and news of strong demand from ethanol producers helped to support.

Strong trade in wheat and continued uncertainty over just how much demand may occur from China helped to provide underlying support. Firm cash markets in some areas of the Midwest helped to support and fund traders were noted buyers.

Ethanol production for the week ending October 18th averaged 897,000 barrels per day. This is up 3.22% vs. last week and up 11.99% vs. last year. Corn used in last week's production is estimated at 94.19 million bushels.

This crop year's cumulative corn used for ethanol production for this crop year is 620.12 million bushels. Corn use needs to average 94.509 million bushels per week to meet this crop year's USDA estimate of 4.9 billion bushels.

Stocks were 15.499 million barrels, up.52% vs. last week and down 17.4% vs. last year. There were no imports for the third week in a row. South Korea bought 55,000 tonnes of Brazil corn overnight.

November Rice finished up 0.175 at 15.46, equal to the high and 0.175 up from the low.

Soy Futures Closed Higher

November Soybeans finished up 7 3/4 at 1310, 8 3/4 off the high and 13 1/4 up from the low. January Soybeans closed up 6 1/2 at 1304. This was 11 3/4 up from the low and 8 3/4 off the high.

December Soymeal closed up 5.3 at 421.4. This was 8.0 up from the low and 4.2 off the high.

December Soybean Oil finished down 0.02 at 41.5, 0.25 off the high and 0.25 up from the low.

November soybeans closed 7 3/4 cents higher on the session but down 8 3/4 cents from the mid-session highs.

The early rally pushed the market up to the highest level since September 27th. Solid gains in the wheat market and continued signs of strong demand for US soybeans helped to support the market.

Private exporters reported a sale of 120,000 tonnes of US soybeans to Russia. The rally is seen as impressive given news of lower soybean futures in China overnight, weakness in Asia stock markets and continued bearish weather outlook for the US harvest and South America plantings.

Meal was closed moderately higher on the session but also well off of the highs with talk of continued strong demand. December oil closed slightly lower on the day.

Wheat Futures Closed Higher

December Wheat finished up 1 at 701 3/4, 8 3/4 off the high and 2 1/4 up from the low. March Wheat closed up 3/4 at 711 1/2. This was 2 up from the low and 9 off the high.

December wheat closed just 1 cent higher on the day and down 8 3/4 cents from the morning highs. The early rally pushed the market up to just shy of Monday's highs which was the highest trade since June 24th.

December Kansas City wheat was up 10 3/4 at one point and up to the highest level since June 5th but closed just 5 1/4 cents higher on the day. Ideas that Argentina may soon limit exports until there is a better handle on the crop size and talk that Black Sea prices are on the rise which could spark improving demand for US wheat are factors which have helped support.

News from the Australia weather Bureau that weather could be warmer and drier than normal for much of the country for the next three months was seen as a positive factor as well.

A bounce in the US dollar and weakness in stocks, metals and energy markets were seen as negative force.

December Oats closed up 3 1/4 at 344 1/2. This was 3 3/4 up from the low and 1 1/2 off the high.

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