1, CHICAGO, Dec. 7: The Chicago Board of Trade (CBOT) corn futures market closed higher on Tuesday. Corn prices were in a downtrend for most of the day before closing higher at the end of the day.
2, by the end of the day, corn futures rose anywhere from 2.50 cents to 2.75 cents, with the March futures contract closing 2.50 cents higher at 586 cents per bushel, the May futures contract closing 2.50 cents higher at 588.50 cents per bushel, and the July futures contract closing 2.75 cents higher at 588.50 cents per bushel. The most actively traded March futures contracts traded in a range of 578.50 cents to 588.75 cents.
3 Traders noted that a surge of technical buying late in the day helped corn prices regain lost ground.
4, Rising stock markets and waning concerns about the spread of a mutated strain of omicron also added support to the corn market.
5, Analysts said the corn market was caught in a tug-of-war on the day. Currently corn prices are oscillating in a well-defined range and it will take some new news for the broader market to break out of the current range.
6, On Tuesday, U.S. corn spot basis quotes at one processor in Iowa rose 2 cents, while prices fell 2 to 4 cents at two other Midwestern locations, and held steady in the Central region.
7, The European Commission said the EU's corn imports for 2021/22 had reached 221.6 million bushels as of Dec. 5, compared with 292.5 million bushels a year earlier. On Tuesday China's Taiwan-based MFIG Purchasing Group held an international tender to buy about 130,000 tons of feed corn from Viterra, originating from Argentina. Volume in the main futures contract was estimated at 105,469 lots on Tuesday, compared with 91,880 lots on Monday. Short volume was 733,666 lots, compared with 732,028 lots Monday.
8, spot, Guoxin futures analysis said Tuesday, corn prices in northern ports steady downward, Jinzhou new grain collection port offer 2560-2600 yuan / ton, the daily collection of 41,000 tons, this week loaded 3 ships, followed by a higher number of rowing more than 20 ships; Shekou, Guangdong, the new grain bulk ship 2840-2870 yuan, containerized first-class corn offer 2870-2920 yuan / ton The price reduction of 10 yuan, less low-toxicity corn; Northeast corn prices have loosened, Heilongjiang deep-processing mainstream acquisition of 2380-2460 yuan / ton, Jilin deep-processing mainstream acquisition of 2400-2500 yuan / ton, Inner Mongolia mainstream acquisition of 2400-2500 yuan / ton. Overall, North China Shandong spot weak, Northeast producing areas spot continue to remain resistant to decline, but the grass-roots purchasing and marketing gradually progress, the late listing is expected to increase.