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July Corn finished up 2 3/4 at 667 1/4, 4 3/4 off the high and 6 3/4 up from the low. December Corn closed down 5 1/2 at 538 1/2. This was 3 1/4 up from the low and 6 off the high.
July corn traded higher for most of the day while the December contract finished in negative territory ahead of key government reports tomorrow. Pressure in the new crop market was led by favorable and non-threatening weather forecasts over the next 2 weeks. Many expect crop condition ratings to improve in the weeks ahead which is seen as a negative for price direction. Net weekly export sales came in at 336,700 tonnes for the current marketing year and 153,600 for the next marketing year for a total of 490,300 tonnes. Old crop sales were up from 133,300 tonnes last week. Many traders expected a strong showing in old crop sales given the sharply higher basis levels in the US export channels last week. Thoughts that Argentina's grain strike held up shipments and concern that Indian traders may have failed on some sales commitments were seen as supportive to the short term US export outlook for old crop. As of June 20th, cumulative sales stand at 101% of the USDA forecast versus a 5 year average of 97%. The data suggests that the USDA may have gone too far in adjusting export demand lower for old crop in the most recent Supply and Demand report. Traders will watch export sales data in the weeks ahead to see if the USDA is likely to adjust demand higher in their July report.
July Rice finished down 0.145 at 15.5, equal to 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.