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Corn futures declined on Friday, with December contracts down 2 ¼ cents for the week, closing at $4.18. The CmdtyView national average cash corn price also fell by 2 cents to $3.73 ¼.
Export Sales data revealed net reductions of 280,943 MT for old crop, the lowest for the marketing year, while new crop sales reached 2.117 MMT, 1.3% higher than last week and 16.2% above the same week last year. Mexico was the largest buyer, purchasing 511,800 MT.
Additionally, the US-Japan trade deal finalized on Thursday will increase Japan’s agricultural purchases from the U.S. to $8 billion per year, significantly higher than the $2.5 to $4.8 billion annual average over the last five years.
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