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May Corn finished up 6 at 709 1/4, 2 off the high and 6 3/4 up from the low. July Corn closed up 4 1/2 at 686 1/4. This was 5 1/2 up from the low and 2 1/2 off the high.
May corn traded higher on the day and old crop corn continued its advance against the new crop contracts. The nearby March/May spread made a new high for the move at +23 1/2 this morning. The firm tone to the calendar spreads in addition to the strong interior basis levels added support to the flat price market. Wires reported midsession that a group of Israeli buyers have tendered to buy 70,000 tonnes of corn for shipment in late April to mid-June. The weather outlook points negative for new crop corn with snow systems inching across the north-central Midwest today and scattered showers are moving through the eastern Corn Belt. The 2013/14 planting pace picked up week over week in Texas and areas of Louisiana have begun as well. The planting pace in the southeast and delta should pick up over the next couple of weeks as long as rainfall backs off.
May Rice finished down 0.205 at 15.375, 0.125 off the high and 0.055 up from 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.