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April 30th, 2012
Corn Futures – Speculators reduced bullish bets on corn by more than any other commodity, just before the U.S. reported its single biggest export sale in 18 years and prices had their largest two-day rally in almost a month.
Money managers cut corn wagers by 30 percent to 103,079 futures and options in the week ended April 24, the biggest decline since June 2010, according to data from the Commodity Futures Trading Commission. The drop of 43,511 contracts was larger than for any of the 18 raw materials tracked by Bloomberg. Holdings across all the commodities fell for a fifth week, the longest slide since June 2010, the data show.
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April 26th, 2012
Corn futures rose for the first time in three days on signs of increased Chinese demand for U.S. supplies. Soybeans and wheat also gained.
U.S. exporters sold 682,500 metric tons of corn yesterday, including 262,500 tons to China and 420,000 tons for unknown destinations, the Department of Agriculture said. The sale was the third in as many days, bringing total purchases this week to 1.28 million tons.
“There was a sale of over 600,000 tons to unknown destinations, which I suspect will turn out to be China,” said Adam Davis, a Melbourne-based commodity trader at Merricks Capital Services Pty. Earlier this week, the USDA announced exporters sold 480,000 tons to unknown destinations for delivery before the end of the marketing year on Aug. 31 and 120,000 tons for unknown buyers after Sept. 1.
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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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