Corn rose for the second consecutive day on Friday, extending its advances on robust weekly U.S. exports amid optimism for consummation of the Greek bailout supporting the market, Reuters reports.
"Plenty of positive U.S. economic data was released overnight and corn has been supported by a big U.S. corn export sales result," states a report penned by Luke Mathews, commodities strategist at Commonwealth Bank of Australia.
According to the media outlet, export sales of U.S. corn in the past week surged 41 percent, hitting a four-month high. For the week ended February 9, exports totaled 1.067 million metric tons, higher than trade estimates for 550,000 to 750,000 metric tons. This total included 415,300 metric tons sold to Mexico.
Global supply of the grain could be affected by South America's drought, which hit corn harder than other crops and lasted through mid-January, the continent's key growing period.
This material is conveyed as a solicitation for entering into a derivatives transaction.