Mid-Session Corn Market Report
Mid-Session Corn

The daily commentaries provide a recap of each commodity's traded price activity, an analysis of the factors that influenced price activity, a recap of any reports released that day, and a look ahead at the next day's schedule. CME Group provides market commentaries for corn, wheat, soybeans, gold and silver.

The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

Mid-Session Corn Market Report for 5/16/2008

July corn opened 5 1/2 cents higher on the session at 604 1/2 and established an early range of 599 1/2 to 608 1/2. The higher open was followed by a quick sell off in the first minutes of the session, but prices then firmed to trade higher on the day in a narrow range into early mid session. The early strength was credited to higher crude oil, and a lower dollar as well as strength in soybeans and wheat. Weather remains mostly favorable to corn planting although areas of the eastern and southern Corn Belt got amounts that ranged up to 1 1/2 inches over the past 24 hours. Some rain is still expected today in the extreme eastern Corn Belt. However, the forecast is dry in most areas through at least Monday according to a number of forecasters. The next significant rain is expected on Tuesday in the northern and eastern Corn Belt. The next significant rain may come in on Thursday next week, but by then traders believe that much of the corn should be planted. Basis levels were steady to firmer along the river this morning and steady in the interior amid light movement. Bids at the Gulf were steady.

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