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May Corn finished down 2 1/4 at 676 1/2, 7 1/4 off the high and 1 3/4 up from the low. July Corn closed up 3 1/2 at 640. This was 6 1/4 up from the low and 5 3/4 off the high.
Corn futures traded lower early in the session but managed to climb off session lows midday, led mostly by gains in the July contract. Support from firm interior cash markets and strong ethanol profit margins helped to advance the most actively traded old crop contract. The trade remains focused on the US planting pace but even more so on the weather outlook in the next 7-14 days. Field work remains scattered and highly variable across the US Corn Belt but showers by the end of this week will quickly slow the process once again. Drier and warmer conditions are expected to develop by early next week which will present another small window of opportunity for planters to get rolling. Yesterday's planting progress report was the slowest since 1984 but the market continues to brush aside the slow pace as many still expect a robust supply rebound for the US in 2013/14 to go along with a possible record Brazilian corn harvest. Outside markets helped to limit the upside advance as well with metal and energy markets trading lower for most of the session.
July Rice finished down 0.115 at 15.395, 0.085 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.