Chicago Board of Trade corn futures were mixed on Friday on light position-evening before Monday's key crop data, brokers said.
CBOT corn futures were last down 1/2 cent per bushel to up 1/2 cent, with March down 1/2 cent at $2.51-1/4.
Cargill Investor Services bought 700 July, while Rand Financial and Refco Inc each sold 400 March, traders said.
Technical support for CBOT March corn held at Thursday's low of $2.48-1/2, while resistance held at Thursday's high of $2.53-1/2, they noted.
The US Department of Agriculture on Monday will release its final 2002/2003 US corn crop production figure, the December 1 US corn stocks tally and its usual monthly supply and demand data.
An average of analysts' estimates forecast 2003 corn production at a record high 10.311 billion bushels, above USDA's forecast in November for 10.278 billion.
The analysts pegged 2003/04 corn ending stocks at 1.252 billion bushels, down from the USDA's outlook in December for 1.299 billion.
Signs that rival exporter China was becoming less aggressive in exporting corn were also supportive to CBOT corn futures on Friday, traders said.
In overnight export news, South Korea, a Chinese corn customer, bought 105,000 tonnes of optional-origin, not Chinese, corn. Taiwan will tender next Wednesday for 20,000 tonnes of US corn.
Gulf CIF and US Midwest cash basis bids were steady on Friday, dealers said.
Comments
Comments are closed.