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Corn: Mid-Session Corn Market Report for 2/10/2011
March corn opened unchanged on the session at 698 and established an early range of 696 1/4 to 704 1/2. Follow-through buying after yesterday's bullish USDA ending stocks news plus strong weekly export sales news helped support the early rally today as the market shook off negative outside markets to move to the highest level since July of 2008. Weekly export sales came in at 1.107 million tonnes for the current marketing year and 104,500 for the next marketing year for a total of 1.212 million tonnes. Cumulative corn sales stand at 61.3% of the USDA forecast for 2010/2011 (current) marketing year versus a 5 year average of 61.8%. Sales of 639,000 metric tonnes are needed each week to reach the USDA forecast. The European Union is proposing to temporarily suspend its import tariffs on feed wheat and barley in order to secure feed due to high prices and tight supply. Keep in mind; world coarse grain supply at the end of the season is expected to be at just 50 days supply, the lowest since 1973. For the US, ending stocks represent just 18 days supply; a record low.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
Further Market Commentaries can be found at CME Daily Market Commentaries
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