CHICAGO: Chicago Board of Trade corn futures were expected to drop 15 to 20 cents at the opening Tuesday in a broad-based commodities and equities sell-off linked to escalating concerns about the fate of the global economy tied to a looming nuclear crisis in Japan.
* Delays in spring fieldwork expected in the US Delta and southeastern Midwest due to rainfall on Monday and Tuesday. Wet weather for the six- to 10-day period appears more likely in the Midwest than in the Delta.
* The Korea Corn Processing Industry Association has bought 55,000 tonnes of corn for June 20 arrival from Cargill via a tender that closed last Friday.
* TD Newcrest upgraded fertilizers maker Agrium Inc to its top rating, raised its first-quarter earnings forecast on advancing demand and said the sector fundamentals remained strong on high corn demand. Said despite increased acreage, corn stockpile would remain tight for several seasons, helping prices.
* May contract fell to a two-month low and first key support is at the 100-day ma of $6.32-3/4. Nine-day RSI 26 after Tuesday's Globex trade.
* CBOT corn futures for May fell 17 1/4 cents to $6.48-3/4 a bushel in overnight electronic volume of 39,271 lots, trading in a range of $6.48 to $6.67-3/4. July fell 16 3/4 cents to $6.55-3/4 a bushel.
* Dalian corn futures for September fell 1 yuan to 2,404 a tonne in volume of 255,494 lots, trading in a range of 2,388 to 2,407. Total volume of 318,756 was 20 percent below the 30-day average.
Comments
Comments are closed.