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March Corn finished down 1 3/4 at 693 3/4, 5 1/2 off the high and 3 3/4 up from the low. May Corn closed down 3/4 at 692 3/4. This was 5 1/4 up from the low and 4 1/4 off the high.
March corn finished the day nearly unchanged on the heels of a sharply higher US Dollar and on export sales that fell in line with market estimates, but well short of what is needed to hit the USDA forecast on a weekly basis. Net weekly export sales came in at 225,400 tonnes for the current marketing year and 59,300 for the next marketing year for a total of 284,700. As of February 7th, cumulative corn sales stand at 57.5% of the USDA forecast for the current marketing year vs. a 5 year average of 68%. Sales of 348,000 tonnes are needed each week to reach the USDA forecast, up from 344,200 the week prior. There continues to be talk that funds and possibly some European banks are liquidating positions this week in the agricultural markets but each day of lower trade in corn has shown increases in open interest since Monday which suggests a bearish bias short term. The weather outlook in South America has improved as well with favorable accumulation expected in Argentina this week which should help ease stressed growing regions.
March Rice finished down 0.135 at 15.72, 0.08 off 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.