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Grains' pressured week finally ends

07/01/2011 @ 3:21pm

CHICAGO, Illinois (Agriculture.com)--Fresh sales from an 'unknown' buyer Friday has helped old-crop corn prices find higher ground. However, the CME Group new-crop corn market closed sharply lower still reeling from yesterday's bearish USDA Acreage Report.

The Dec. corn futures settled 23 3/4 cents lower at $5.96 3/4. The Nov. soybean contract ended 18 1/2 cents higher at $13.12 1/4. The Sep. wheat futures settled 2 cents lower at $6.12 1/4. The Dec. soybean meal futures contract closed $10.10 per short ton higher at $341.00 and Dec. soyoil futures settled $0.15 higher at $56.30.

In the outside markets, the NYMEX crude oil is $0.60 per barrel lower, the dollar is lower and the Dow Jones Industrials are up 167 points.

The U.S. manufacturing report released Friday shows growth for the month of June.

Private exporters reported to the U.S. Department of Agriculture export sales of 1,140,000 metric tons of corn for delivery to unknown destinations, according to a USDA press release Friday. Of the total, 360,000 tons is for delivery during the 2010/2011 marketing year and 780,000 tons is for delivery during the 2011/2012 marketing year.

Jack Scoville, PRICE Futures Group vice-president, says the China news is reminding everyone that prices have fallen hard, even before the USDA reports, and is supportive.  

"I also think people do not really believe the planted area estimates from USDA's Thursday report, and that is helping.  I got a lot of short covering going on here and perhaps a bit of new buying for day trades, but that is about it," Scoville says.

Friday is not a heavy volume day, he says.

"I think a lot of this stronger trading is as much a lack of offers as much as any real buying.  But China was good news for us and reminded us that things are still in demand out there."

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