960424

Corn futures

set all time

high record

CHICAGO: A new record high of $4.79 per bushel was set as CBOT corn futures closed strongly up in the nearby months on active exports, persistent aggressive domestic usage and a surge to all time highs in wheat, traders said on Tuesday.

The $4.79 record set in the May is up from the previous high of $4.70 set Monday, and equaled the high set in CBOT's Project A overnight trading.

Bull spreading again was featured and December closed flat as did most other deferred contracts.

"We know that for every acre of wheat ripped up it's another acre of corn (or sorghum) and that's why December is having trouble getting going," said Steve Bruce of E.D. and F. Man International.

But attention remains on the nearbys as stocks dwindle amid an aggressive export sales pace.

Mexico overnight bought 150,000 tonnes of U.S. corn and USDA Secretary Dan Glickman Tuesday said the Administration was not considering restrictions on agricultural exports.

Corn closed 10-1/4 cents per bushel higher to 3/4 lower, with May up 8-1/2 at $4.78-1/2.

SOYABEAN

CBOT soyabean futures closed mostly higher and the market was firming into the close as wheat futures staged a closing rally, traders said on Tuesday.

"Short covering was in beans late because wheat rallied and wheat is still the leader. Whatever wheat does sooner or later the rest of the floor will follow," said Vic Lespinasse of Dean Witter Reynolds.

Profit taking hit soya in early dealings but aggressive new net selling was not evident, the traders said.

Soyabeans closed 4-1/2 cents per bushel higher to 1-1/4 lower, with May down 1-1/4 at $8.12-1/4.

SOYAOIL

CBOT soyoil futures closed lower but well above the day's lows and soymeal closed mixed, traders said.

An early bout of profit taking pressed the soy complex but a late potent surge in wheat generated renewed bullish momentum in the soya products, they said.

Soyaoil closed 0.10 cent per lb lower to 0.03 higher, with May down 0.10 at 26.62. Soymeal was $1.20 per ton higher to $1.50 lower, with May unchanged at $256.90.

WHEAT

CBOT wheat futures closed sharply up and near the day's zeniths which also are new contract highs and practical record highs for a CBOT wheat futures contract, traders said.

Waning hopes for a comeback by the drought-plagued U.S. winter wheat crop and concerns about delays in seeding the spring wheat crop due to flooding, led the advances.

"Funds are not giving up their long positions. They've been giving no signals the market rallies are over," said Skip Searcy, wheat trading specialist for FIMAT Futures. Also end users or commercials are short and need to buy wheat, he said.

The nearby May contract touched $6.54 per bushel, up from the high Monday of $6.28 and above what most consider the practical record for a CBOT wheat contract of $6.45 which was set February 26, 1974.

"It's an all-time high in wheat for all practical purposes if you discount that one day (March 20, 1996)," said Vic Lespinasse of Dean Witter Reynolds.

A miniscule amount of wheat did trade at $7.50 during an explosive expiration of the March contract on March 20.

Wheat closed 25-1/2 cents per bushel higher to 2-1/2 lower, with May up 25-1/2 at $6.53-1/2.-Reuter