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Corn sells off

Updated: 03/25/2011 @ 5:26pm

DES MOINES, Iowa (Agriculture.com)--After running higher to start, the CME Group grain market sold-off to close lower, dragging wheat with it Friday.

The May corn futures settled 13 cents lower at $6.89 1/2. The May soybean contract settled 3 3/4 cents higher at $13.58 1/4. The May wheat futures ended 6 1/4 cents lower at $7.33 1/4. The May soybean meal futures closed $2.60 per short ton lower at $357.20. The May soyoil futures closed $0.72 higher at $56.84.

In the outside markets, the NYMEX crude oil is $0.20 per barrel lower, the dollar is higher, and the Dow Jones Industrials are up 50 points.

A major U.S. corn sale to an 'unknown' buyer has the CME Group corn market started a surging market Friday. At first, CME Group floor traders talked about the major corn sale today was purchased by Japan. Floor talk then reversed to the buyer being China.

One floor trader, requesting anonymity, says the buyer remains unknown. "It's China, I believe. Huge buying in the April 'call' options yesterday. The cn-cz moved 15 cents yesterday. I don't know if we have the corn. We will find out next Thursday."

Private exporters reported to the U.S. Department of Agriculture export sales of 1.25 million metric tons of corn for delivery to unknown destinations. Of the total, 1.0 million metric tons is for delivery during the 2010/2011 marketing year and 250,000 tons is for delivery during the 2011/2012 marketing year.

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03/25/2011 @ 12:13pm Um then why is corn down 11?

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