US corn futures closed higher on Friday, following a strong rally in wheat. Gains were limited by spillover pressure from lower crude oil, falling stock markets and a low number for corn in USDA's weekly export sales report. CBOT corn closed 3/4 to 3-3/4 cents per bushel higher, with December up 3-1/4 cents, 0.86 percent, at $3.80-1/4 per bushel.
Commodity funds net buyers of 3,000 contracts. Volume was estimated at 185,016 corn futures and 61,730 options. Spreading represented about two-thirds of the day's futures volume, traders said. Traders noted the potential for heavy price volatility due to large open interest in December options ahead of their expiration next week.
A stretch of drier weather was forecast from this weekend though late next week, giving farmers an open window for the tail-end of corn harvest. Traders estimated the US corn harvest would be at least 80 percent complete by Sunday, up from 71 percent by November 9. USDA said 357,800 tonnes of corn sold for export last week (355,500 for 2008/09), below estimates for 400,000 to 600,000 tonnes.
After the close, Informa Economics projected US corn plantings for 2009 at 86.8 million acres, trade sources said, up from the 85.9 million acres US farmers planted for 2008. China scraps export taxes on corn, wheat tax cut. China soya, soyaoil market stay strong, corn weak - survey.
South Korea's Nonghyup buys 55,000 tonnes corn from Cargill. Midwest basis bids steady/firm amid light farmer selling. Growers only booking sales of crops they cannot fit into storage bins, grain dealers said. Oat futures closed 10 to 10-1/2 cents per bushel higher, with December up 10-1/2 cents at $2.15-1/2. Oats volume was estimated at 958 futures.
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