June 14, 2011

July corn sets new record, futures end mixed

US corn futures ended mixed Friday, retreating from early gains that propelled the nearby July contract to a new record for front-month corn. July surged as high as US$7.99 3/4 (€5.524) a bushel on dwindling near-term supplies before prices retreated. July CBOT corn ended up 1 1/2 cents, or 0.2 percent, to US$7.87(€5.441) a bushel, while December corn closed down 1 1/2 cents, or 0.2 percent, to US$7.12 1/2 (€4.923).

The market successfully pushed prices to new highs, but ahead of the weekend, traders reduced some risk exposure and took profits on the week's price surge, said Dax Wedemeyer, analyst with Iowa based brokerage US Commodities. A monthly government crop report issued Thursday drove corn prices higher for a second consecutive day. Grain users are on edge about inventories as the US Department of Agriculture slashed its outlook for production and season-end supplies in the report. Read more ...

This blog is written by Martin Little, The Global Miller, published and supported by the GFMT Magazine and the International Milling Directory from Perendale Publishers
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