Bond.az - Chicago Board of Trade corn futures closed higher on Friday as traders covered short positions and adjusted portfolios before the Memorial Day holiday weekend.
Strong export sales provided additional support. The USDA reported net old-crop corn export sales of 2,125,316 metric tons for the week ended May 14, exceeding trade expectations.
New-crop sales reached 281,430 tons. On Friday, the USDA announced sales of 493,700 tons to Mexico and 110,000 tons to unknown destinations.
Markets will be closed Monday for Memorial Day. The Commodity Weather Group forecasts showers in parts of the U.S. Midwest in coming weeks.
This is expected to benefit crop development. CBOT July corn settled 1 cent higher at $4.63-1/4 per bushel.
