Markets

Corn Market Recap for 11/5/2010

December Corn finished down 2 1/4 at 587 3/4, 4 off the high and 4 3/4 up from the low. March Corn closed down 2 at 601 3/4. This was 4 3/4 up from the low and 3 3/4 off the high. December corn saw a quiet inside trading session as the market consolidated gains on the week. The rally in wheat and soybean oil helped provide some underlying support but quiet news for corn and mixed trade in outside markets helped keep trade choppy. Ideas that the market is overbought after the recent strength and a somewhat slow demand pace recently helped spark some selling pressures this morning to hold corn down into the mid-session. The market found support on the set-back. A rally in the US dollar helped provide some selling pressures as well but a continued run higher in gold was seen as a partial offset. South Korea is in the market for up to 165,000 tonnes of US corn. China corn futures pushed to a new all-time high overnight and traders see supportive news for the USDA reports next week which may have helped provide some support the market as well. Traders see lower production and yield for the USDA reports on Tuesday morning. November Rice finished up 0.135 at 14.7, equal to the high and equal to the low.

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The daily commentaries provide a recap of each product's traded price activity, an analysis of the factors that influenced price activity, a recap of any reports released that day, and a look ahead at the next day's schedule. CME Group provides market commentaries for corn, wheat, soybeans, gold, silver, FX, equity indexes and regional market updates.

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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