US corn futures on the Chicago Board of Trade ended higher on Friday, buoyed the strength in the energy markets, traders said. March corn ended 3-1/2 cents higher at $3.52-3/4 a bushel. May closed 3 higher at $3.61-1/2. Volume was light estimated at 158,498 futures and 32,029 options.
Higher gasoline and crude oil prices were seen supportive, making ethanol more attractive to blend and improving profit margins for the corn-based ethanol industry. Crude oil closed up $1.91 a barrel at $45.52. Deliveries on March 1,009 lots amid scattered stopping.
Registrations with the CBOT late on Thursday 3,018 lots, down from the previous 3,062 lots. Midwest basis bids for corn were firm late Friday, with farmer sales only light despite the higher CBOT close -dealers. FAPRI projects 2009 US corn crop; use. CBOT oats ended lower, breaking the higher trend in other commodities. But volume was thin. March closed down 1-3/4 cent at $1.74 a bushel Estimated oat trade was 330 futures and 40 options.
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