US corn futures closed nearly 5 percent higher on Friday on a recovery from oversold technicals. CBOT corn closed 18-1/2 to 20-1/2 cents per bushel higher, with December up 18-1/2 at $4.03 per bushel. Funds bought 5,000 lots. Corn volume was light at an estimated 165,560 futures and 106,730 options.
Gains in crude oil aided advances in corn, as did a midday bounce in the stock market. Big corn export sales also supportive. USDA said export sales of US corn last week totalled 975,200 tonnes, above estimates for 650,000 to 800,000 tonnes. Rains early next week in western US Midwest to delay harvest while current drier weather in east aids harvest before more rain moves in.
Price slump helps grain elevators in credit crunch. US cash corn firm at river terminals and steady in interior. December contract below all key moving averages; nine-day RSI ends at 32, just above the oversold technical range of 0 to 30. Oat futures closed 1-1/2 to 2 cents per bushel higher, with December up 1-1/2 at $2.82 per bushel. Oats volume was estimated at 145 futures.
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