Corn Futures Up on Carryover Strength; Weekly Exports Down 36.8% to 1.04 MMT

Corn futures rose on Thursday as carryover strength spilled over from soybeans and meal, though contracts closed 5 to 6 cents lower. The CommodityView national average Cash Corn price was up 5 1/2 cents at $4.02 3/4. This week’s average closes: December at $4.57 (used for livestock feed costs), February at $4.70 (spring base crop insurance price). Weekly export sales for the week of 1/29 totaled 1.04 MMT, down 36.8% from the prior week and 29.5% below the same week last year. Mexico accounted for 247,600 MT, with Japan taking 246,800 MT and South Korea 125,800 MT. January Brazil exports were 4.25 MMT, down 30.69% from the prior year but 18.18% above the same week last year. Closing prices: Mar 26 @ $4.35, +5 1/2¢; May 26 @ $4.43, +6¢; Jul 26 @ $4.49 1/4, +6¢.