A Review of Asian Palm Oil spot Market on November 16th: spot prices rise

On November 16th, the Chicago Board of Trade (CBOT) corn market closed sharply higher, with the main contract closing above $4, mainly due to the collapse of the dollar.

CBOT Corn rose 9.75 cents to 11.75 cents as of the close, with December contracts up 11.75 cents at 402.25 cents per bushel, March contracts up 11.75 cents at 417.50 cents per bushel and May contracts up 11.75 cents at 427.50 cents per bushel.

The trend of the corn market is the same as that of neighboring soybean. Corn prices soared in overnight trading, continued to strengthen after entering daytime trading, and quickly broke through overnight trading highs. The corn contract fell in March in midday, but picked up again in the afternoon and hit a new high before the close.

Although the corn market has risen sharply, the corn market has fallen relative to wheat. On November 16, the wheat market became the strongest one in the agricultural product market.

Analysts said international crude oil futures soared, gold and US stock markets soared, and the dollar fell sharply, boosting sentiment in agricultural markets, including corn.

The rise in corn prices in early trading triggered stop-loss buying by brokers, which in turn pushed the March contract above last week's high, traders said.

The weather forecast shows that more rain will occur in the western half of the Midwest around Wednesday, which will further delay the corn harvest.

The performance of weekly export inspection data is poor. U.S. corn export inspections totaled 21.9 million bushels in the week to Nov. 12, down from 27.7 million bushels a week ago and below market expectations, according to the U.S. Department of Agriculture.

The total export inspection volume so far this year has reached 16.2% of the USDA's annual export forecast, compared with a five-year average of 20.6%.

The number of weekly export inspections for the rest of the year needs to reach 43 million bushels to meet the USDA's annual export forecast.

In other news, a spokeswoman for CBOT said on Nov. 16 that CBOT will announce adjustments to corn futures contracts this week because of recent concerns about high levels of emetic mycin in corn crops this year. She said the level of emiamycin would be the first standard for corn contracts, although it has long been present in wheat.

Analysts said the adjustment meant a decline in corn delivery, which could be good for corn prices.

On November 16th, the turnover in the corn market was estimated at 211934 lots.