US corn futures closed mixed on Friday with new-crop months up on wet and cold weather that is slowing seedings of the 2008 US corn crop and threatening to trim production, traders said. CBOT May corn closed down 1/4 cent at $6.18-1/2 per bushel, while July down 1 at $6.29-1/4.
Bear spreading of December/July and September/July added pressure on nearby contracts while buoying the deferred months. USDA's May supply/demand report released on Friday was a little bearish for corn prices, but traders said crop weather was a major market factor on Friday and tended to override the influence of the USDA report.
Funds bought 2,000 lots. USDA pegs 2008/09 corn ending stocks 763 mln bushels.Rains and cold temperatures continue to slow US corn planting and corn emergence.Rainy weekend for US Corn Belt, more next week.Enough corn in US for food and ethanol, for now.
US cash corn steady, light farmer booking of new crop. Deliveries on May 517 lots. Oats closed 1/2 higher to 1-1/2 lower, with May up 1/2 at $4.05 per bushel. Fund buying supported oat prices while commercial hedge selling weighed on the market.
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