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May Corn finished up 7 1/2 at 652, 3/4 off the high and 9 1/4 up from the low. July Corn closed up 3 1/4 at 633. This was 6 up from the low and 3 off the high.
May corn traded higher on the day in what was a mostly two-sided and choppy session. The traded range was fairly narrow as trader's positioned ahead of the weekend and monitor weather forecasts for the US Corn Belt. The 6-10 and 8-14 day forecast looks to be cooler and drier for much of the Corn Belt. Snow will begin to melt in the Northern Plains by this weekend and into next week with flooding expected. US FOB and CIF basis levels were firm today after it was announced that some locks on the Mississippi River will close into the weekend due to the expected flooding. The closure is temporary but is helping support the nearby spread. December corn also saw buying support on thoughts that the current USDA planted acreage estimate of 97.3 million was unattainable due to the wet and cold spring in North Dakota and Minnesota. A combined total of 13.1 million acres are projected to be planted between the two states with some estimating that this could fall by a million acres or more. Traders noted light volume in today's trade.
May Rice finished down 0.145 at 15.23, 0.16 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.