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Corn Sees Longest Weekly Rally Since May as War Lifts Demand

  • Wheat ends the week down 8.4% after touching a record high
  • Chicago wheat is likely not attractive for Black Sea buyers
Stalks of wheat in a field in India on March 7.

Stalks of wheat in a field in India on March 7.

Photographer: T. Narayan/Bloomberg
Updated on

Corn futures capped Friday with their longest weekly rally since May as war in Ukraine sidelines supplies and leaves buyers turning elsewhere for grain.

The U.S. reported net corn export sales of 2.2 million tons in the week to March 3, topping analyst expectations, government data showed Thursday. Ukraine is a major corn shipper and its ports have been shuttered since Russia invaded. The country still had about 16 million tons left to export this season -- about half the total expected before war erupted -- and questions remain over how much of that can ultimately make it to market.