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March Corn finished up 8 1/2 at 729 1/4, 1/2 off the high and 10 1/4 up from the low. May Corn closed up 7 3/4 at 729 1/4. This was 9 3/4 up from the low and 1/2 off the high.
March corn traded higher into the closing bell as dry weather in Argentina became the talk of the market throughout the day but positive export data helped to support. Weather maps show the potential for rainfall near the end of this week but confidence in the forecast remains low. Some analysts expect accumulation of 0.25-1.25 inches which would be beneficial for the growing region but some point to an extended outlook for February that trends slightly drier. Export inspections were surprisingly positive today after being reported at 21.1 million bushels, up from 10.9 the week prior. Shipments needed per week to reach the current USDA export estimate are 20.5 million bushels. The cumulative shipment pace is now 32% of the USDA forecast vs. the 5 year average of 38%. The uptick in shipments was seen as a positive for price direction but thoughts that export and ethanol demand will continue to trend lower at current price levels limited gains.
March Rice finished down 0.13 at 15.35, equal to the high and equal to the low.
*Disclaimer: 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.