Export figures soaring. How long till China is panicked into the fro?
-------------------------------------------------------- Corn Market Recap for 2/6/2006 March Corn finished down 2 1/2 at 222 3/4, 4 3/4 off the high and 1 up from the low. May Corn closed down 2 at 233. This was 1 1/2 up from the low and 3 1/2 off the high.
The move to a new high and lower close is a short-term bearish factor. Strength in the other grains supported the early bounce but a lack of new buying support from fund traders who have been aggressive buyers in the past 3-4 trading sessions helped pressure the market into the mid-session. Talk of an increase in producer selling from late last week helped to pressure the market as well but the solid export pace has supported higher basis bids at the gulf. For the weekly export inspections, corn exports came in at 38.5 million bushels as compared with trade expectations at 32-38 million bushels. Cumulative shipments for the marketing year have reached 41.1% of the USDA forecast for the season as compared with 34.2% on average for this time of the year. For Thursday's USDA Supply/demand update, traders are looking for corn ending stocks to come in near 2.389 billion bushels (range 2301-2426) as compared with 2.426 billion bushels as the January USDA forecast. Near-term support for March corn comes in at 221 and 218 1/2 with 227 1/2 and 229 1/2 as resistance.
March Rice finished down 0.01 at 8.64, 0.11 off the high and 0.04 up from the low.
