Corn Rallies into the Weekend as Export Business Booms to Multi-Year High

Group 1 - Corn futures experienced gains of 5 to 6 ½ cents across most contracts, resulting in a weekly increase of 5 ¾ cents [1] - The CmdtyView national average Cash Corn price rose by 6 3/4 cents to $3.93 1/2 [1] - The USDA's Export Sales report indicated corn bookings reached 4.01 million metric tons (MMT) for the week of January 15, the highest since March 2021 [2] Group 2 - The week of sales was the largest since 1991, more than doubling the same week last year [2] - Major buyers included unknown destinations (1.242 MMT), Japan (836,700 MT), South Korea (751,500 MT), and Mexico (422,600 MT) [2] - Managed money reduced their net short position in corn futures and options by 450 contracts, with a total net short of 81,324 contracts as of January 20 [3]