Corn Market Recap for 2/24/2006 March Corn finished up 4 3/4 at 227 3/4, 1/4 off the high and 3 1/2 up from the low. May Corn closed up 5 at 238 3/4. This was 3 1/2 up from the low and 1/2 off the high.
Strength in the other grains and talk that China may be out of the export market for a while helped support the early gains. In addition, export sales news remains bullish and the market is looking for record Cattle-on-Feed numbers in the USDA report this afternoon. Weekly US export sales for corn came in at 1.562 million metric tonnes as compared to trade expectations between 900,000-1.2 million. Cumulative sales have reached 67.4% of the USDA forecast as compared to 57.8% on average over the last five years. Sales of 544,700 metric tonnes per week are needed to reach the USDA estimate. China is expected to suspend exports of corn from March 1st due to higher domestic prices. Near-term support for March corn comes in at 224 1/2 and 223 with 228 and 230 1/2 as short-term resistance.
March Rice finished up 0.09 at 8.28, 0.04 off the high and 0.03 up from the low.
