DTN Grain Close: China Comes Calling Again for New Crop Corn

Vegetative corn field. Photo: Paul Esker, Pennsylvania State University

China again showed up in the Foreign Agricultural Service’ Tuesday morning flash sales with another 1.360 million metric tons (mmt) of U.S. corn bought, raising the total in the past two weeks to 321.2 mb of new crop corn. Soybeans soared early on the heels of more new contract highs in both palm oil and soybean oil markets, but sold off late as crude oil and bean oil reversed early gains to close lower.

GENERAL COMMENTS:

July corn closed up 5 3/4 cents per bushel, December corn finished 6 cents higher, July soybeans finished down 13 1/4 cents, and November was up 2 1/2 cents. July KC wheat was down 4 1/2 cents, July Chicago wheat closed down 1 3/4 cents and July Minneapolis wheat settled down 1 1/2 cents.

The June U.S. Dollar Index is trading down 0.397 at 89.745. The Dow Jones Industrial Average is down 86.53 points at 34,241.26. June gold is up $1.70 at $1,869.30, July silver is up $0.10 at $28.37 and July copper is up $0.0235 at $4.7350. June crude oil is down $0.82 at $65.45, June heating oil is down $0.0050, June RBOB is down $0.0025 and June natural gas is down $0.095.

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