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CME: Corn Futures Closed Higher Friday

28 January 2012

US - March corn closed 7 1/4 cents higher on the session and near the highs of the day with fund trader buyers active late in the session, leaving the market up 30 1/4 cents for the week.

March Corn finished up 7 1/4 at 641 3/4, 1/2 off the high and 10 3/4 up from the low. May Corn closed up 7 1/2 at 647 1/2. This was 11 up from the low and 1/2 off the high.

The improving export outlook on continued concerns from major world importers that Argentina may not be much of an exporter for the rest of the season helped to support a firm trade early in the session.

A positive tilt to outside market forces with further weakness in the US dollar and a bounce in metal and energy markets added to the positive tone as traders see global investors more and more interested in holding long positions in key commodity markets.

Private exporters reported a sale of 170,200 tonnes of US corn to Mexico. South Korea is tendering for 250,000 tonnes of corn for May/June delivery.

December corn closed 5 cents higher on the day and gained 19 1/4 cents higher for the week.

Wheat Futures Closed Lower

March Wheat finished down 6 1/4 at 647 1/4, 9 1/4 off the high and 2 1/4 up from the low. July Wheat closed down 5 1/4 at 674 3/4. This was 1 1/2 up from the low and 6 1/4 off the high.

March wheat closed 6 1/4 cents lower on the session but managed to close 36 3/4 cents higher on the week. The continued push down in the US dollar failed to support the wheat market today even with news of increased interest in US wheat.

Weakness in soybeans and talk of the short-term overbought condition of the market after closing higher for six sessions in a row helped to spark some light selling pressures.

Private exporters reported a sale of 133,200 tonnes of US wheat to unknown destination. The sales consisted of 70,700 tonnes of hard red winter, 36,100 tonnes of soft white wheat and 26,400 tonnes hard red spring.

Iraq is tendering for 50,000 tonnes of wheat but excluded the US and Romania from the tender.

March KC wheat was down 9 cents on the day but stayed inside of yesterday's range.

Traders will monitor weekend cold weather in the Black Sea region for potential damage to the winter wheat crops.

Soybean Futures Closed Lower

March Soybeans finished down 3 3/4 at 1219, 6 3/4 off the high and 4 up from the low. May Soybeans closed down 3 1/2 at 1228 1/2. This was 3 3/4 up from the low and 6 1/2 off the high. March Soymeal closed down 1.4 at 322.2. This was 1.7 up from the low and 2.1 off the high. March Soybean Oil finished down 0.35 at 51.59, 0.29 off the high and 0.04 up from the low.

March soybeans closed 3 3/4 cents on the session today put held inside of yesterday's range and managed to close 32 cents higher on the week. A turn down in the US equity market and ideas that the market is a bit overbought after this week's sharp run-up helped to pressure the market shortly after the opening.

A firm tone for corn, weakness in the dollar and strength in metal markets helped to provide some underlying support.

Argentina is expected to receive another 1/2 to 1 1/2 inches of rain for the first part of next week but southern Brazil growing areas may have to wait until late next week and into the weekend before seeing new coverage. Rains this week helped to improve crop conditions but more is likely needed. Talk of drier weather for northern Brazil (harvest areas) for late next week was seen as a negative force.

The move in the US dollar to the lowest level since early December helped to provide underlying support for soybeans and other agricultural markets.

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