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May Corn finished unchanged at 716 1/2, 3 1/4 off the high and 4 1/4 up from the low. July Corn closed up 1 3/4 at 700 1/4. This was 6 1/2 up from the low and 3/4 off the high.
May corn traded both sides of the unchanged today after dipping into negative territory this morning. The firm interior cash markets continue to support old crop contracts but traders noted a weaker tone to the basis in the east as some suggest corn from Ontario is moving south into the US. The Agriculture Minister of Argentina released a statement midday that estimated the Argentina corn production at 27 million tonnes vs. the current USDA estimate of 26.50 million tonnes. Some in the trade believe production is actually close to 25 million tonnes due to a dry month of January. Forecasts show only minor disruptions to corn planting next week in the southeast and delta and steady progress should be made. Planting progress was noted in Mississippi today.
May Rice finished up 0.14 at 14.68, 0.02 off the high and 0.01 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.