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Market Recap - Mon, May 16, 2011

Corn


US
corn futures finish higher on worries farmers won't sow as many acres as expected due to wetness. Cool, rainy weather is delaying planting in the northern Plains and eastern Midwest, while floods have submerged some crop land along the Mississippi
River
. "When you lump them all together, you're probably easily talking a million or a million and a half" acres that won't be
planted, says Mike Kruger, president of The Money Farm. CBOT July corn rises 15 1/2c to $6.97 1/2 a bushel.

Wheat
 
US wheat futures close higher as poor weather threatens global output. Cool, wet weather is slowing planting in the northern US Plains and Canada,while dryness reduces harvest potential in the southern Plains and Europe. "Spring wheat-planting progress is a big problem, especially in the western Dakotas and Montana where it is very wet right now," according to Freese-Notis Weather. CBOT July wheat gains 8 3/4c to $7.36 1/2 a bushel, KCBT July rises 6 1/2c to $8.76 and MGE July jumps 10c to $9.10 1/4.
Soybean

US soybean futures end lower, retreating from earlier advances on late slide in crude oil and corn fading from sharp gains. Market had rallied farther than its fundamentals suggest on spillover support from corn, says ebottrading.com analyst John Kleist. Market does not have the demand to sustain an upward price push, with slower export and domestic demand amid increased competition from record South American crops in international markets limiting advances. Meanwhile, the potential for farmers to switch some corn acreage to soybeans due to seeding delays in the eastern Midwest and southern US added further pressure to prices. CBOT July soybeans finished down 0.2% of 3c at $13.26 1/2 a bushel.



Soybean Meal/Oil
 
Soy-product futures end mixed, backpedaling in unison with a late drop in soybean futures. That pressure influenced price direction, yet soyoil traders also looked to outside markets for guidance as lower crude-oil futures encouraged selling in soyoil as well. CBOT July soyoil ended down 0.4% at 55.91c/pound while July soymeal settled 0.1% higher at $345.70/short ton.

Rice

US rice futures finish higher with corn and wheat as the grains strengthen on weather worries. Traders will digest planting data from the USDA in a weekly crop report due at 4 p.m. EDT. Rice planting is expected to remain behind normal after getting off to a slow start due to wet weather. A week ago, 57% of the crop was sown, below the average of 76% for that time of year. CBOT July rice ends up 12c at $14.10 1/2 per hundredweight.



 



 

  

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