An overall update….
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Big export sales boosted the corn market Friday. Despite the negative export implications of the ongoing U.S. dollar surge, corn futures rallied in response to today’s weekly USDA Export Sales report. The 2.185 million-tonne total was the largest result since early January 2008, which highlights its sheer size and says good things about export demand. March corn bounced 3.0 cents to $3.8675/bushel late Friday afternoon, while July rose 3.5 to $4.0275.
Soymeal diverged from general ag market weakness. As one might have expected, recent news of canceled bean sales to China crunched the weekly export sales total. Meal sales were good, while oil movement was moderate. Meanwhile, financial and energy market shifts, along with fund activity seemed to sink the soyoil market. One has to suspect talk of vigorous demand is supporting meal prices. March soybean futures slid 4.0 cents to $9.7275/bushel in late Friday trading, while March soyoil fell 0.37 to 31.60 cents/pound, and March meal climbed $1.4 to $331.5/ton.