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CME: Corn Futures Closed Higher Monday

CME: Corn Futures Closed Higher Monday

19 March 2013

US - May Corn finished up 2 1/2 at 719 1/2, 1 1/2 off the high and 9 1/2 up from the low. July Corn closed up 2 3/4 at 703. This was 9 1/2 up from the low and 1 1/2 off the high.

May corn traded lower early in the session but managed to climb back to positive territory late in the day.

Eurozone financial market fears were ignited over the weekend which sent stocks lower this morning and pushed the US Dollar higher but markets stabilized midday.

The corn market saw modest buying support from firm interior markets and thoughts that the 2013 crop may see extensive planting delays.

The southeast and delta will dry down this week which should promote good progress but showers return late this week which could keep planters inactive.

The heavier showers will focus on the Ohio River Valley and below normal temperatures over the next 7-10 days may slow the drying pace into April.

Export inspections offered a mixed market bias for the day after coming in at 15.4 million bushels, up from 14.4 the week prior but below the 17.6 million bushels needed each week to hit the USDA export estimate.

This year's cumulative shipment pace is 48per cent of the USDA forecast vs. the 5 year average of 51per cent.

May Rice finished down 0.14 at 14.54, 0.02 off the high and equal to the low.

Soy Futures Closed Lower

May Soybeans finished down 15 1/2 at 1410 1/2, 14 3/4 off the high and 6 1/4 up from the low. July Soybeans closed down 16 1/4 at 1394 1/2. This was 6 1/4 up from the low and 14 3/4 off the high.

May Soymeal closed down 5.8 at 413.0. This was 0.7 up from the low and 5.8 off the high.

May Soybean Oil finished down 0.23 at 49.68, 0.26 off the high and 0.46 up from the low.

May soybeans traded lower into the closing bell on weak technical signals and data that may suggest demand is beginning to slow out of the US.

Profit taking in bull spreads was also noted by traders. NOPA crush came in below market estimates last Friday which was seen as a negative for market direction and worse than expected export inspection data today added to the downside momentum.

Shipments for the week ending March 14th came in at 8.9 million bushels, down from 17.1 the week prior. This was a new marketing year low for shipments.

Shipments needed each week to reach the USDA export estimate are at 7 million bushels, down from 7.07 the week prior. The cumulative shipment pace is at 87per cent of the USDA forecast vs. the 5 year average of 74per cent.

The weather forecast looks dry for areas of Argentina this week but new crop supply is expected to come on line by the end of this month or early April.

Brazil conditions remain favorable with the exception of northeastern Brazil which is trending drier than normal. Southern Brazil should see showers this week.

Wheat Futures Closed Lower

May Wheat finished down 10 1/4 at 712 3/4, 8 3/4 off the high and 7 1/4 up from the low. July Wheat closed down 8 1/4 at 713. This was 6 up from the low and 6 3/4 off the high.

Wheat markets traded lower on the day in what was a mostly negative session for the broader-commodity market as Euro-zone financial fears hit the market over the weekend.

Export inspections for the week ending March 14th were reported at 23.9 million bushels, down from 27.9 the week prior. Shipments needed each week to meet the USDA forecast are at 24.7 million bushels.

The cumulative shipment pace is 73per cent of the USDA estimate vs. the 5 year average of 76per cent. Algeria, Jordan, and Tunisia have all issued export tenders to start the week and the US should have a good shot at some of the business. Some of the deals are likely to be done on an "optional-origin" basis.

Egypt expects wheat production of 9.475 million tonnes in 2013 if good weather conditions continue.

Egypt will need at least 9 million tonnes to guarantee production of the cheapest form of subsidized bread that is sold for less than 1 US cent per loaf.

Domestic stocks have fallen to 2.207 million tonnes vs. 2.292 on February 27th and have 89 days of supply on hand.

The countries financial crises and sinking currency has kept buyers inactive in the export market since the beginning of 2013.

May Oats closed down 6 1/4 at 395 1/2. This was 1 3/4 up from the low and 9 1/2 off the high.

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