The May corn futures contract has closed above $5.53 per bushel. That is a bullish technical development and leaves $5.72 and $5.90 as the next upside targets. The outlook for tightening old-crop ending stocks and the need for a high yield to avoid extreme tightness for the new crop are factors that have supported the market. After choppy and two-sided trade yesterday, the market managed to close moderately higher on the day and up near the highs of the session. On Tuesday, the news that China bought 1.156 million tonnes of U.S. corn lent support. The announcement of the latest sales coincides with an in-person meeting of top U.S. and Chinese envoys this week in Alaska, their first meeting since President Biden took office in January.
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