RTRS: CBOT late call-Corn up 1-2 cents, unchanged from early
April 12 (Reuters) - Chicago Board of Trade corn futures
were expected to open 1 to 2 cents per bushel higher Friday on
firmer cash markets, tight stocks of corn and talk China may be
seeking or may have bought American corn.
* Globex overnight trend for corn was up 3/4 cent to down
1-1/2 cents a bushel.
* Corn export premiums at the U.S. Gulf Coast were higher
late Thursday on robust export demand and tight old-crop
supplies, cash merchants said.
* Gains limited and there were some calls for a lower open
due to a firm dollar, lower equities and weak crude oil. Signs
of slow economic growth in China were noted. China's GDP growth
in the first quarter slowed to 8.1 percent from 8.9 percent in
the previous three months.
* Traders said corn may find some support from a cold snap
this week in the U.S. that may have harmed some of the early
emerging crop. Also, support may surface from outlooks for wet
weather over the next week in the U.S. Midwest that could slow
corn seedings.
* Wet weather will blanket most of the U.S. Midwest by the
weekend into early next week, which will delay early corn
plantings but also add valuable soil moisture. "There is a good
chance most of the Midwest will receive 1 to 2 inches of rain
over the next 5 days and there is more rain expected at the end
of next week, so there won't be much fieldwork done," said John
Dee, meteorologist for Global Weather Monitoring.
* Dee said the cold snap this week that dropped temperatures
below freezing may have harmed some early planted corn and some
of the more mature wheat crop. "There wasn't any widespread
disaster but some farmers that planted corn really early may
have some burned back, but it usually recovers pretty quickly,"
Dee said. Dee said the coldest weather next week would be
confined to the northern Midwest, which is normal for this time
of year.
* China's corn acreage this year is projected to rise 2.7
percent from 2011 to reach 35 million hectares, driven by record
domestic prices and Beijing's subsidies, an industry website
quoted an agriculture ministry survey as saying.
* Key support for May at its 100-day moving average of
$6.34-3/4 and resistance at the 200-day ma of $6.63-1/2. The
nine-day RSI was at 45.
9:05 AM CDT LAST NET PCT LOW HIGH CURRENT
CHNG CHNG VOL
Corn MAY 638.25 0.75 0.1 637.75 641.75 5,027
Corn JUL 629.50 0.5 0.1 629.25 633.00 4,408
Dalian SEP 2426.00 -6 -0.3 2425.00 2444.00 344,584
OVERNIGHT VOLUME 30-D ATM VOLATILITY
CURRENT 30D AVG 250D AVG CURRENT CHG
CBOT CORN 12,574 23,708 25,978 27.2 -0.1
