[2007-08-28]  Corn Market Recap
December Corn finished down 5 3/4 at 353, 1 1/4 off the high and 4 1/2 up from the low. September Corn closed down 5 3/4 at 335 3/4. This was 4 1/4 up from the low and 1 1/4 off the high.
December corn ended the session lower but well off of its lows set early in the session. Reports of better than expected yield results for the southern Corn Belt harvest and bearish news from the crop tour last week helped spark the early sell-off in futures. On top of early yield reports, a drier forecast for the Midwest and hints of warm and dry weather for early September added to the bearish tone as traders believe that the crop in many areas could receive higher than expected yield. The weekly export inspections report, released during the trading session, showed corn inspections at 33.5 million bushels as compared with 37-43 million expected. In addition, the USDA reported a sale of 120,000 tonnes of corn to Egypt. Traders were looking for this week's Crop Conditions report, to be released this afternoon, to show corn ratings to be unchanged from last week. Barge traffic has been suspended on a 60-mile stretch of the Illinois River due to high water.
November Rice finished down 0.025 at 10.87, equal to the high and 0.05 up from the low.





Source: Copyright © 2001 Farms.comTM