Corn Bulls Bounce Back into Friday’s Close
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Corn futures rose by 3 to 4.5 cents on Friday, with July down 9 cents for the week. The national average Cash Corn price increased to $4.30 3/4. Managed money raised their net long positions by 79,822 contracts, while commercials increased their net short by 108,804 contracts. USDA's export commitments reached 77.063 MMT, a 28% year-over-year increase. The May WASDE report is expected to show old crop corn stocks at 2.13 billion bushels. A South Korean importer bought 136,000 MT of corn, and Brazil's corn crop estimate was reduced to 140.11 MMT.
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