US July corn futures closed limit up at the Chicago Board of Trade, settling 40 cents higher at $6.64½ per bushel. This comes on the heels of corn reaching a one-month low. Corn drew support from strong export numbers this week, notably for new-crop shipments of more than 224 million bushels; primarily to China.
Exports of corn have been strong all season, with 2020/21 sales more than 70 percent over the prior season. Today’s export report was enough to spur short-covering and a technical-buying bounce following the recent sell-off.
Weekly soybean export sales for the 2020/21 marketing year of 55.9 thousand metric tons (TMT) were 34 percent below last week’s total and 65 percent under the four-week average of 159 TMT. There were 248.3 TMT in sales…
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