RTRS: CBOT early call-Corn up 1-2 cents on weak dollar
Feb 29 (Reuters) - Chicago Board of Trade corn futures
were expected to open 1 to 2 cents per bushel higher Wednesday
on a weaker dollar, technical fund buying and gains in soy.
* Corn also was supported by the posting of no deliveries on
the March contract on Wednesday, first notice day for deliveries
on the CBOT March contracts. The lack of deliveries was another
reminder of the firm cash markets, slow farmer selling and tight
old-crop corn stocks.
* Globex overnight trend for corn was up 1-1/4 to 2 cents
per bushel.
* Exporters report optional origin sale of 120,000 tonnes of
U.S. or other nation corn to Mexico for 2012/13 delivery - USDA.
* Slow farmer selling, tight stocks and firm cash markets
limited deliveries on the CBOT March contract to zero on
Wednesday, first notice day for deliveries on the March
contracts.
* Bearish bets build in new-crop corn - Maguire.
* July/December was at 95 cents, premium July and December
corn/November soybeans ratio at 2.28.
* Ukraine's Agriculture Ministry expects the area sown to
corn to increase to 4.5 million-5.0 million hectares this year
from 3.6 million hectares in 2011, it said on Wednesday, making
up for winter grain plantings lost to drought and cold weather.
* Key resistance for the March contract at its 200-day
moving average of $6.63-1/2 and support at the 100-day ma of
$6.31-3/4. The nine-day RSI was at 67.
8:20 AM CST LAST NET PCT LOW HIGH CURRENT
CHNG CHNG VOL
Corn MAR 655.50 2 0.3 652.00 656.75 4,589
Corn MAY 658.50 1.25 0.2 654.75 659.50 14,918
Dalian SEP 2421.00 15 0.6 2407.00 2423.00 233,156
OVERNIGHT VOLUME 30-D ATM VOLATILITY
CURRENT 30D AVG 250D AVG CURRENT CHG
CBOT CORN 31,087 N/A N/A 23.1 3.5
