Corn futures closed 4 to 6 cents higher. The trade was under positive influence for the majority of the day as shorts looked to book profits as we approach the last trading day of July. Cash bids were seen 5-10 cents in the interior which also provided support. Earlier this morning, South Korea’s NOFI group was said to have purchased 50,000 of Black Sea Corn from CHS at $233.44/ton. The purchase terms are for an arrival date before Jan 15th. In addition, the NOFI group is said to be in negotiations to purchase another 70,000 tons by Jan 25th arrival date. The DTN National Corn Index hit a new low for the year yesterday finishing at $5.7012.
|Sep 13 Corn closed at $4.95 1/2, up 6 1/4 cents,|
|Dec 13 Corn closed at $4.77 1/2, up 4 1/4 cents,|
|Mar 14 Corn closed at $4.90 1/4, up 4 1/4 cents|
|May 14 Corn closed at $4.98, up 4 cents|
Soybeans finished the day 17 to 23 cents lower. The August contract experienced a volatile session, trading as high as $13.79 in the morning before surrendering all gains to close 17 cents lower at $13.50. August meal also traded in a wide range, trading as high as $447 before giving back earlier gains to close $9.70 lower at $429.20. Earlier this morning, private exporters reported to the USDA a sale of 290,000 MT o f soybeans to an unknown destination for the 2013/2014 marketing year. The DTN National Soybean Index hit a new low for the year yesterday finishing at $13.0084.
|Aug 13 Soybeans closed at $13.50, down 17 1/2 cents,|
|Sep 13 Soybeans closed at $12.49, down 23 cents,|
|Nov 13 Soybeans closed at $12.03, down 17 cents,|
|Jan 14 Soybeans closed at $12.08, down 17 1/2 cents,|
|Aug 13 Soybean Meal closed at $429.20, down $9.70,|
|Aug 13 Soybean Oil closed at $42.11, down $0.36|
Wheat futures finished the day with gains of 3 to 6 cents, with the Kansas City contract showing the most strength. Continued strong export demand from around the globe, as well as higher corn prices, provided the wheat trade with some positive influence. The Taiwan Flour Millers Association was said to have bought a total of 97,200 MT of US Wheat. The purchase was made in two cargoes split up between Alfred C. Toepfer International for 53,300 MT and Columbia Grain for 43,900 MT. The wheat purchases consisted of Dark Northern Spring, Hard Red Winter, and Western White. In other tender news, Japan announced that after a two month ban, they would resume Western White Wheat Imports from the US and would be looking to purchase up to 89,579 MT from the US. Global exports to China are still healthy with wires reporting China has purchased over 1.5 MT of Wheat from Australia over the past 6 weeks.
|Sep 13 CBOT Wheat closed at $6.55 1/4, up 3 3/4 cents,|
|Sep 13 KCBT Wheat closed at $6.96 1/4, up 6 cents,|
|Sep 13 MGEX Wheat closed at $7.37 1/4, up 3 cents|