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Mid-Session Corn Market Report for 7/17/2008

December corn opened 4 3/4 cents lower on the day session at 672 1/2 and established an early range of 650 1/2 to 679 1/2. Corn opened lower and remained under pressure early in the session. Traders credited the selling to a wet short term weather forecast for the Midwest along with profit-taking from yesterday's rally. Another shift in forecasts this morning has the 6-10 day outlook hot and dry again over the central and western Corn Belt. However, the shorter term 3-5 day forecast calls for more rain moving through most of the Corn Belt leaving soil moisture levels ample in many areas. Cash markets remain quiet. Basis levels in the interior are firm again today due to light farmers selling while river points are said to be weak reflecting soft short-term export needs. The USDA released its weekly Export Sales Report today, and traders said that the numbers were slightly above expectations. Net old crop sales were 369,200 tonnes with net new crop sales at 466,800 tonnes. Weekly sales of 207,700 tonnes are needed to reach the USDA projection for the current marketing year. Total sales to date stand at 97.6% of the projected total compared to a 5-year average of 94.0%.




 
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