TheCropSite.com- news, features, articles and disease information for the crop industry

News

CME: Corn Futures Closed Lower Friday

04 November 2013

US - December Corn finished down 1 at 427 1/4, 2 1/2 off the high and 1 1/2 up from the low. March Corn closed down 1 3/4 at 437 1/2. This was 1 1/4 up from the low and 2 1/2 off the high.

December corn closed 1 cent lower on the session and down 12 3/4 cents for the week. The market had a relatively small range in spite of volatile action in the other grains.

The break pushed the market down to the lowest level since August of 2010. More talk of high yields for next weeks production update helped to pressure the market early.

A grain analytics firm pegged the corn yield at 161.2 bushels per acre as compared with 155.3 yield posted in the September USDA report.

Production was pegged at 14.223 billion bushels, up 380 million bushels from the last USDA report. The market seemed to have put in a low just after this news was released.

The same group pegged Argentina corn production at 25 million tonnes which is down 1 million tonnes from the USDA September forecast.

November Rice finished up 0.17 at 15.195, equal to the high and 0.035 up from the low.

Soy Futures Closed Lower

November Soybeans finished down 14 1/4 at 1266, 19 off the high and 1 up from the low. January Soybeans closed down 14 3/4 at 1251 1/2. This was 1 1/4 up from the low and 19 3/4 off the high.

December Soymeal closed down 8.7 at 394.9. This was 1.6 up from the low and 9.7 off the high.

December Soybean Oil finished up 0.26 at 41.59, 0.41 off the high and 0.24 up from the low.

January soybeans closed 14 3/4 cents lower on the session and down 42 cents for the week. Considering all of the bullish demand news for the week, the market focus is clearly on the possibility of too much supply.

The selling pushed the market down to the lowest level since August 15th as the move under the October lows seemed to have attracted active new selling interest.

Talk of higher yield for next week's USDA production outlook along with the lack of positive action this week in the face of supportive demand news helped to trigger active long liquidation selling.

A grain analytics firm pegged the soybean yield at 43.3 bushels per acre as compared with 41.2 yield posted in the September USDA report.

Production was pegged at 3.298 billion bushels, up 149 million from the last USDA report. The market seemed to have put in a low just after this news was released.

A jump in palm oil to a 1-year high overnight helped to support the soybean oil market which is up 55 into the mid-session. If oil holds the current gains into the close, it would be the highest close since September 26th.

Private exporters reported a sale of 33,000 tonnes of US soybean oil to unknown destination and this news added to the positive tone for oil. There was also a daily sale reported for 115,000 tonnes of US soybeans to China.

Wheat Futures Closed Higher

December Wheat finished up 1/4 at 667 3/4, 4 1/2 off the high and 3 1/4 up from the low. March Wheat closed up 1/4 at 679 3/4. This was 3 3/4 up from the low and 4 1/4 off the high.

December wheat managed to close 1/4 cent higher on the session but still lost 23 cents for the week.

The early weakness pushed the market down to the lowest level since September 25th. A grain analytics firm pegged Argentina wheat production at 9.8 million tonnes.

The USDA attache in Argentina lower their production forecast to 10.5 million tonnes this week which was in line with private forecasts and lower than the current USDA estimate.

Ideas that the market is oversold and that plenty of speculative liquidation occurred on the 8-session, 46 cent break helped to provide some support. December KC wheat closed 7 cents lower on the session and down 25 1/2 cents on the week.

December Oats closed down 3/4 at 329 1/2. This was 11 1/2 up from the low and 3 1/4 off the high.


Daily Crop Report - Copyright � 2008 CME. All rights reserved.


TheCropSite News Desk

Our Sponsors

Partners


Seasonal Picks

Country Dance