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Corn futures showed stability on Monday morning, trading fractionally higher, with December futures up 9.5 cents last week and closing at $4.22 1/2. The CmdtyView national average cash corn price rose by 1.25 cents to $3.81 1/2. Meanwhile, open interest decreased by 7,270 contracts on Friday.
As of October, December corn futures averaged $4.18, which is notably lower than February’s $4.70 but higher than last year’s $4.16 harvest price. Harvesting is set to continue in much of the Western Corn Belt, but impending rain in the Eastern Corn Belt may slow progress.
In Brazil, the first corn crop is 51% planted in the south center region, slightly ahead of the 48% rate at this time last year, according to AgRural.
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