Corn Market Recap for 1/26/2006 March Corn finished up 1/2 at 217, 1/4 off the high and 3 1/4 up from the low. May Corn closed up 3/4 at 226 3/4. This was 3 1/4 up from the low and 1/4 off the high.
1/26/2006 March corn settled close to unchanged today after spending most of the session lower on the day. A surge in export sales helped to offset the overnight trend toward lower prices after talk of increased producer selling on the rally. Reports of more active producer selling pressured the market overnight. Weekly US export sales for corn came in at 2.165 million metric tonnes, which was well above trade expectations between 800,000 and 1.3 million. This was a new marketing year high. Cumulative sales have reached 55.3% of the USDA forecast as compared to 51.0% on average over the last five years. Sales of 653,100 metric tonnes per week are needed to reach the USDA estimate. Japan was the biggest buyer at 723,300 tonnes. Talk of index fund buying of near 30,000 contracts in the last two sessions and new record high open interest has helped support.
March Rice finished down 0.145 at 8.33, 0.13 off the high and 0.03 up from the low.
