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Market Recap - Fri, May 13, 2011


US corn futures finish mixed, with nearby contracts rising on improved demand. Grain users increased purchases following a recent selloff, with South Korean buyers making their first major purchases in nearly two months. Traders worry the demand will drain
already-tight inventories. The USDA announced exporters sold 271,200 metric tons of corn to "unknown destinations" for delivery during the next marketing year, though deferred contracts slipped. CBOT July corn ends up 11/2c at $6.82 a bushel; December corn loses 3 1/2c to $6.27.



US wheat futures finish lower as US dollar strength pressures commodities. Rising greenback fuels concerns about reduced demand, as it makes dollar-denominated commodities less attractive to foreign buyers. "The dollar was higher and that sent wheat
down," says Larry Glenn, broker and analyst at Frontier Ag. Talk of beneficial rains in dry areas of southern US Plains and Europe
apply further pressure. CBOT July wheat falls 7 3/4c to $7.27 3/4 a bushel; KCBT July loses 6 3/4c to $8.69 1/2; MGE July slides 4 1/2c to $9.00 1/4.


US soybean futures stumbled, as an initial push higher failed to gain traction after a rebound in the U.S. dollar guided prices lower on broader based speculative selling. The market garnered further pressure from slumping demand, with slower exports and
a drop in domestic use adding to defensive tone, said John Kleist, analyst with ebottrading.com. Meanwhile, the threat of adverse planting conditions for corn, rice and cotton crops across parts of the central U.S. and Delta potentially leading to additional soybean acres added pressure as well. CBOT July soybeans settled down 13 1/4 cents or 1% at $13.29 1/2/bushel.

Soybean Meal/Oil

Soy-product futures slide, backpedaling in unison with soybeans. The combination of a firmer US dollar attracting speculative selling and slowing demand amid competition from South American supplies provided further pressure to pin prices in negative
 territory, analysts said. CBOT July soymeal ended 2.2% lower at $345.40/short ton and July soyoil dropped 0.6% to 56.14c/pound.


Nearby US rice futures close unchanged as the market felt some pressure from the rising dollar and falling wheat prices, as both grains are global food staples.Yet, grain users remain concerned about the US crop since planting has been delayed due to rains in the South. The USDA will issue an update on planting progress Monday. CBOT July rice finishes at $13.98 1/2 per hundredweight.