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CME: Corn Futures Closed Higher Thursday

15 March 2013

US - May Corn finished up 7 at 717 1/4, 1/4 off the high and 9 up from the low. July Corn closed up 6 1/4 at 698 1/2. This was 8 1/2 up from the low and 1 off the high.

May corn traded higher on the day after export sales data came in at market estimates and a stronger wheat market helped to support the action as well.

Net weekly export sales came in at 282,300 tonnes for the current marketing year and 371,000 for the next marketing year for a total of 653,300 tonnes.

As of March 7th, cumulative sales stand at 70.5 per cent of the USDA forecast for the current marketing year vs. a 5 year average of 75 per cent.

Sales of 243,000 tonnes are needed each week to reach the USDA forecast; this is down slightly from the week prior. The firm interior cash market continues to underpin the bullish sentiment for corn. Traders noted that farmers have been sellers this week as the board has rallied.

December corn saw modest gains today with the help of positive trade in the old crop contracts. Today's updated drought monitor showed moderate improvement in conditions for Missouri, Iowa, and the Eastern Corn Belt.

May Rice finished down 0.24 at 14.54, 0.19 off the high and 0.01 up from the low.

Soybeans Closed Lower

May Soybeans finished down 8 at 1439, 11 off the high and 10 up from the low. July Soybeans closed down 5 1/2 at 1419 1/2. This was 9 3/4 up from the low and 9 1/4 off the high.

May Soymeal closed down 2.9 at 426.0. This was 2.6 up from the low and 4.6 off the high.

May Soybean Oil finished down 0.14 at 49.38, 0.34 off the high and 0.35 up from the low.

May soybeans traded lower on the day on reports that China may have canceled South American cargo purchases and on news that their port stocks have swelled as new crop soybeans from Brazil are on the way.

Net weekly export sales were impressive today after coming in at 657,700 tonnes for the current marketing year and 126,000 for the next marketing year for a total of 783,700. As of March 7th, cumulative sales stand at 97 per cent of the USDA forecast vs. a 5 year average of 85 per cent.

Sales of 44,000 tonnes are needed each week to reach the USDA forecast, down from 67,000 the week prior. Net meal sales came in at 51,700 tonnes for the current marketing year and no sales were reported for 2013/14.

Old crop sales were down from 119,300 the week prior. As of March 7th, cumulative sales stand at 93 per cent of the USDA forecast vs. a 5 year average of 65 per cent. Sales of 18,000 tonnes are needed each week to reach the USDA forecast, down from 19,500 the week prior.

Net oil sales came in at 6,000 tonnes for the current marketing year and no sales were reported for the next marketing year.

As of March 7th, cumulative sales stand at 76.5 per cent of the USDA forecast vs. a 5 year average of 59 per cent. Sales of 8,000 tonnes are needed each week to reach the USDA forecast.

Wheat Closed Higher

May Wheat finished up 14 3/4 at 724 3/4, 3/4 off the high and 17 1/4 up from the low. July Wheat closed up 11 3/4 at 720. This was 14 1/4 up from the low and 1 1/4 off the high.

Wheat markets traded higher on the day after reporting better than expected export demand data this morning.

Net weekly export sales beat market estimates and came in at 888,500 tonnes for the current marketing year and 198,500 for the next marketing year for a total of 1,087,000 tonnes.

As of March 7th, cumulative sales stand at 87 per cent of the USDA forecast vs. a 5 year average of 88.5 per cent. Sales of 299,000 tonnes are needed each week to reach the USDA forecast, down from 343,300 the week prior.

Notable buyers were Brazil and Egypt. Kansas City sales were reported at a whopping 400,000 tonnes for the current marketing year and Chicago sales totaled 217,300 tonnes.

The EU granted export licenses for 476,000 tonnes of soft wheat this week, taking the marketing year total to 14.2 million tonnes. Imports were reported at 14,533 tonnes this week and 14,408 were from the US.

May Oats closed up 4 1/4 at 396 1/2. This was 8 up from the low and 2 off the high.

TheCropSite News Desk



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