Corn futures traded both sides of Wednesdays close and closed slightly higher. Early talk that Mexico may be looking at South America for corn needs triggered stops near session lows. Talk of increase US farm cash movement may have also triggered increase commercial hedging. Near session lows, there may have been some short covering in front of the weekend and first notice. US Midwest could see rains over the next 5-7 days.
This could slow corn planting. Last year this week, US farmers planted 12 pct of the crop to get to 17 pct completed. Weekly US corn export sales were near 31 mil bu. Total commit is near 1,790 mil bu (-175) vs 1,965 last year. USDA goal is 2,300 (-138) versus 2,438 last year. USDA estimates World corn trade near 6,620 mil bu.
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