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May Corn finished down 16 at 644 1/2, 20 off the high and 1 1/2 up from the low. July Corn closed down 11 1/2 at 629 3/4. This was 1 1/4 up from the low and 15 1/4 off the high.
May and December corn traded lower on the day and softer basis levels in the eastern Corn Belt helped to spark the move lower in the nearby contract along with profit taking in the May/July calendar spread. The US Corn Belt saw heavy rainfall overnight and the trend will continue into tomorrow which will provide a solid soil moisture foundation for planting. Modest support in new crop contracts was seen today on concerns that planting delays will continue in North Dakota and Minnesota which may force farmers to switch from corn and into soybeans. Export sales were positive to market direction this morning but traders sold into the news and technical levels were taken out to the downside which added momentum. Net weekly export sales came in at 400,300 tonnes for the current marketing year and 16,900 for the next marketing year for a total of 417,200. As of April 11th, cumulative sales stand at 79% of the USDA forecast for the current marketing year vs. a 5 year average of 84%. Sales of 206,000 tonnes are needed each week to reach the USDA forecast.
May Rice finished down 0.155 at 15.375, 0.135 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.