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May Corn finished down 6 3/4 at 687 3/4, 11 1/2 off the high and 15 3/4 up from the low. July Corn closed down 12 1/2 at 636 1/4. This was 11 1/4 up from the low and 12 1/4 off the high.
Corn futures traded sharply lower on the day after the USDA report increased the 2012/13 ending stocks estimate and the report was considered bearish for market direction. US ending stocks for 2012/13 were pegged at 759 million bushels, as compared with 757 million in April after exports were reduced by 50 million bushels. The 2013/14 ending stocks were estimated at 2.004 billion bushels as compared with trader estimates of 1.993 billion. The national average corn yield was reduced from the USDA Conference estimate and pegged at 158 bushels per acre while planted acreage was estimated at 97.3 million acres. Export demand was reduced 200 million bushels from the conference estimate to 1.3 billion bushels. World ending stocks came in at 125.43 million tonnes for the 2012/13 marketing year but 2013/14 ending stocks surged to 154.63 million and was above market estimates of 151.70 million. Brazil production declined to 72 million tonnes while the trade was looking for an increase to 74.70. Argentina production was pegged at 27 million tonnes, up from 26.50 in April.
July Rice finished down 0.09 at 15.25, 0.03 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.