US corn futures neared a two-week high on Friday on strong export demand and technical buying, traders said. September corn futures rose 4 cents to $3.55-1/4 a bushel at the Chicago Board of Trade. Most active December corn futures also gained 4 cents, to $3.69, after touching their highest price since July 9. The contact ended up about 3.9 percent for the week. It was the fifth straight day of gains for the market.
Importers have been buying US corn because of its low price on the world market, traders said. "Of all of the commodities corn is the most undervalued at this time," said Karl Setzer, risk management team leader for MaxYield Cooperative in Iowa.
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