US corn futures closed mixed Thursday after an early short-covering bounce with the market trying to consolidate after Wednesday's drop to a six-month low on bearish US stocks data. CBOT May down 1/2 cent at $3.44-1/2 per bushel. Funds sold 2,000 lots. Gains in crude oil supportive.
USDA's weekly export sales report showed export sales of US corn last week at 826,500 tonnes, above estimates for 600,000 to 750,000 tonnes. Windy and very warm weather drying down US corn fields, enabling spring fieldwork and early corn seedings.
Rain returns to the area on Friday and next week. South Korea MFG seeds 220,000 tonnes corn - traders. US cash corn basis steady; farmer sales stalled after Wednesday's CBOT plunge. US CIF Gulf corn basis steady but firm following Wednesday's drop in futures. CBOT May oats up 2-1/2 at $2.10-1/2.
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