Corn futures prices remained unchanged early Friday, following a decline of 1 ¾ to 4 ¼ cents on Thursday. Preliminary open interest decreased by 8,417 contracts, indicating some long liquidation. The national average cash corn price dropped by 3 ¼ cents to $4.22 ½, while the Chicago Board of Trade (CBoT) will be closed on Monday for Memorial Day, with normal trading resuming on Tuesday.
The USDA reported 2.125 million metric tons (MMT) in old crop corn export sales for the week ending May 14, surpassing estimates and marking a 17-week high. This figure is 78.5% higher compared to the same week last year. Major buyers included Japan (779,800 MT), South Korea (463,800 MT), and Mexico (342,200 MT). New crop sales were recorded at 281,430 MT, with most shipments to Mexico (255,100 MT).
In other news, South Korean importers purchased 203,000 MT of optional origin corn in recent tenders, and the Buenos Aires Grain Exchange increased its estimate for the Argentine corn crop by 3 MMT to 64 MMT.
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