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Corn prices news showing some resilience as the market held onto those Friday gains pretty well. Futures were up 1 to 4 cents across different contract months, though March did give back about 4 and a quarter cents over the week. Wheat strength was definitely helping support things.
The cash corn price was sitting at $3.94 1/4, up nearly 2 cents, which is worth watching if you're tracking the broader corn prices movement. With crop insurance pricing wrapping up soon, the December average has been hovering around $4.60 - that's down about 10 cents from last year's same period. Not great, but the export data is keeping some optimism alive.
Export sales numbers are actually looking solid. Old crop corn moved 1.47 million metric tons in that week, down from the previous one but still running about 1.1% above the year-ago level. Japan leading the charge as the biggest buyer at 381,500 MT, with Mexico taking 270,100 MT and Taiwan grabbing 127,300 MT. New crop sales hit 65,700 MT. This corn prices news on the export side is one of the few bright spots right now.
The spec funds trimmed about 20,800 contracts from their long positions, which flipped them to a net short of 27,415. Meanwhile, a South Korean importer just picked up 132,000 MT in an overnight tender. Front month corn closed up 1 3/4 cents, May was up 3 1/2 cents, and July gained 3 3/4 cents. Not exactly explosive, but steady upside in corn prices keeps the conversation going.