I love it when the USDA refers to sales to an 'unknown destination'. Wouldn't want the market to know that China is in the market now would we? LOL
---------------------------------------------------------- Corn Market Recap for 2/3/2006 March Corn finished up 4 3/4 at 225 1/4, 1/2 off the high and 4 1/2 up from the low. May Corn closed up 4 3/4 at 235. This was 4 up from the low and 1/2 off the high.
Another surge higher in wheat sparked renewed fund buying in the corn market to support a move to the highest level since September 1st for new crop and since September 12th for the March futures. Open interest hit another new record high and is approaching 1 million contracts. Keep in mind, the last Commitment-of-Traders report with options showed that speculators were net short nearly 75,000 contracts and traders will be monitoring the report closely which is released this afternoon. The USDA confirmed a sale of 116,000 tonnes of US corn to unknown destination. In addition, South Korea bought 110,000 tonnes of US corn overnight. Funds were aggressive buyers into the mid-session and had bought near 9,000 contracts by noon. Near-term support for March corn comes in at 222 1/2 and 221 with 226 and 229 as resistance.
March Rice finished up 0.065 at 8.65, 0.02 off the high and 0.12 up from the low.
