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Corn Higher on Wet Forecasts

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Corn futures are trading 6 to 9 cents higher in most front months at midday. The 7-day QPF shows forecasts for 5-7 inches of rain for the heart of the Corn Belt, possibly even further delaying planting. USDA showed 553,334 MT of old crop corn sales in the week of May 9, above the range of estimates. That was nearly double last week but 43.7% lower than the same week last year. Columbia bought 226,700 MT of that, with Japan purchasing 121,400 MT. New crop came in below analyst’s low end of guesses at 80,829 MT.

Jul 19 Corn is at $3.78 1/4, up 8 3/4 cents,

Sep 19 Corn is at $3.86 3/4, up 8 1/2 cents,

Dec 19 Corn is at $3.96, up 7 1/4 cents

Mar 20 Corn is at $4.06 1/2, up 6 cents

--provided by Brugler Marketing & Management

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