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April 19th, 2012
Corn rose the most in more than two weeks on speculation demand for U.S. supplies may increase after futures slumped to a four-month low yesterday.
Corn futures for delivery in July advanced as much as 2.8 percent to $6.1075 a bushel on the Chicago Board of Trade, the biggest intraday gain for the most-active contract since March 30, and traded at $6.0625 by 2:34 p.m. Paris time. Futures fell to $5.9175 yesterday, the lowest level since Dec. 19.
The Korea Corn Processing Industry Association issued a tender to buy as much as 55,000 metric tons of corn for food. Private buyers in China may seek permits to buy more corn after the price drop, according to Shanghai JC Intelligence Co.
“Corn has fallen a lot recently, and the $6 must look pretty attractive to physical buyers as well as some investors,” Park Jong Beom, a senior trader at Tong Yang Securities Inc., said today by phone from Seoul. “The import tenders by Korea today are the evidence and today’s price gain can be explained in that sense.”
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November 30th, 2011
Corn futures fell in Chicago, extending a monthly decline, as Morgan Stanley forecast pressure on prices next year from higher South American exports of the grain.
U.S. corn shipments, the world’s largest, may slump 21 percent in the 2011-12 season to 1.45 billion bushels, the least since 1985-86, according to Morgan Stanley. That’s smaller than a Nov. 9 forecast of 1.6 billion bushels by the U.S. Department of Agriculture.
“Corn prices will likely come under pressure in the second half of the year as rebounding production in South America, and ultimately the U.S., increases supply,” analysts led by Hussein Allidina wrote in the report e-mailed today, referring to 2012.
Corn futures for March-delivery dropped 1 percent to $5.995 a bushel on the Chicago Board of Trade by 12:58 p.m. Paris time. Prices are down 7.3 percent this month.
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