Quick revision of JUL16WMAZ volatility measures.  Below, the graph we’ve previously covered, showing variation of the 20 Day-underlying volatility and published volatility.  Volatility has slowly been on the increase over the past 2 weeks climbing between 2% – 3% on all measures as shown in the graph.  Recent volatility can been attributed to news that ships carrying white corn from the U.S. are about to arrive in South Africa as well as aggressive fund buying and the most recent turnaround pull back that caused volatility on the U.S. corn market.  Traders will look ahead for more information on tomorrow’s CEC report which is expected to show a further reduction in South African corn production.  Parities based on the July contract is nearly R60 lower on further fund selling in U.S. corn late Friday afternoon .