Pay attention to the influence of related commodities on corn futures price

December corn closed up 2.25 cents at 571 cents on October 26, as wheat prices continued to rise on production worries. Growth reports show a decline in wheat quality, market concerns about wheat production, wheat strength led to continued rise in surrounding commodities. At the same time, uncertainty about global corn production in 2010 and the possibility that USDA may further reduce yield estimates in its November report provide potential support for corn futures prices. Stormy weather was expected to have limited impact on harvests in the Midwest on Tuesday, and the large damage previously expected by the market did not occur.

On Tuesday, the main corn contract continued to move to the far month, May contract reduced position 35,000 moved to September, September corn increased position 12,000, the main contract moved to the month to provide price support for the far month contract. Under the influence of high fluctuation of surrounding commodities, the performance of early rice of relevant varieties is weak, with 11,000 positions increased in the main contract day, and the short-term market is alert to the risk of high price adjustment. Domestic corn fundamentals, recently Guangdong port high-quality corn prices have risen to 2180 yuan/ton, spot highest quotation has reached 2200 yuan/ton. Farmers in producing areas have a strong reluctance to sell, and the grain selling period is delayed. After the listing of new grain, the market expects corn purchase price is still expected to continue to rise, and then attract futures market funds to raise willingness to increase. Futures operation, short-term attention to avoid high price adjustment risk, early multi-single can continue to hold, new multi-contract can choose September every adjustment a small amount of buy.

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