Chicago Close

Corn: Dec 11 Corn closed at USD5.91 3/4, up 9 1/4 cents; Mar 12 Corn closed at USD5.98 1/2, up 8 1/2 cents. Prices rebounded from recent losses on ideas that Europe may finally get it's act together on concerted action against the debt crisis there, buoyed by rumours of an IMF loan for Italy. Funds reputedly bought 9,000 contracts on the day, having dumped a much larger volume than that over the past 2/3 weeks. Weekly export inspections from the USDA of 30.596 million bushels were towards the upper end of trade expectations.
Wheat: Dec 11 CBOT Wheat closed at USD5.74 3/4, up 1/4 cent; Dec 11 KCBT Wheat closed at USD6.41 1/4, down 2 1/4 cents; Dec 11 MGEX Wheat closed at USD8.31, up 3 3/4 cents. Wheat was the weakest of the three on an improved weather outlook for the southern Plains with rain for Kansas, Oklahoma, Colorado and parts of Texas. The USDA increased the percentage of the winter crop rated good/excellent by two points to 52 percent. Managed money held a net short on Chicago wheat of around 50,000 contracts as of last Tuesday, leaving the market vulnerable to a corrective bounce at some point.