Corn futures are trading with 2 to 5 cent gains early on Friday. Bulls found some late day momentum to push 1 to 3 cents higher at the close. Open interest dropped 19,806 contracts overall on Thursday, with 45,855 contracts laving March. First notice day showed just 9 deliveries overnight all issued by the Bunge house account. The CmdtyView national average Cash Corn price was up 2 1/2 cents to $4.00 1/2.
The spring base Crop Insurance price will be set by the close today, as the average December corn close has been $4.61, down 9 cents from last year.
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Export Sales data for the week of 2/19 was released on Thursday morning, with a total of 682,804 MT sold in that week. That was down 29% from the week prior, it was still 1.1% above the same week last year. Mexico was the top buyer of 373,600 MT, with 171,700 MT sold to Japan. New crop was 11,685 MT.
A couple separate South Korean importers purchased a total of 201,000 MT of corn in a tender overnight.
Mar 26 Corn closed at $4.33 1/4, up 2 3/4 cents, currently up 4 1/2 cents
Nearby Cash was $4.00 1/2, up 2 1/2 cents,
May 26 Corn closed at $4.43 1/2, up 1 1/2 cents, currently up 3 1/2 cents
Jul 26 Corn closed at $4.51 1/4, up 1 cent, currently up 3 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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