Corn Market Recap van 20 oktober
December Corn finished up 11 at 649 1/2, 1 1/2 off the high and 17 1/2 up from the low. March Corn closed up 10 3/4 at 659 1/4. This was 17 1/4 up from the low and 1 1/2 off the high. December corn closed sharply higher on the session and saw the highest close since September 27th. With a strong cash market and bullish demand news, the market appeared to be in a position to trade higher early in the day but weakness in other markets drove futures to a mid-session low of 635 1/4 before a turn up to close at 649 1/2. The market saw some early weakness led by weakness in outside market forces and a general bearish view on global commodity demand. However, the market managed to hold support near the lows of the week and buying emerged to support a bounce back into yesterday’s range. Weekly export sales for corn came in at 1.762 million tonnes for the current marketing year and 83,200 for the next marketing year for a total of 1.88 million tonnes which was in the range of estimates. China was the strongest buyer of 900,100 tonnes followed by Mexico (235,500 tonnes) and unknown destination (210,600). As of October 13th, cumulative corn sales stand at 49.5% of the USDA forecast for 2011/2012 (current) marketing year versus a 5 year average of 34.4%. Sales of 443,000 metric tonnes are needed each week to reach the USDA forecast. Strong cash markets and interest from end users added to the positive tone for the market as traders see the need for the market to move higher to at least spark some increased selling from producers into the heart of harvest. Argentina planted area for the 2011/12 season is expected to come in near 4.9 million hectares as compared with 4.56 million last year. November Rice finished down 0.135 at 16.315, 0.195 off the high and 0.055 up from the low.
Bron: CME