China made a few purchases of U.S. agricultural commodities on Friday. According to the USDA, China bought 756,000 metric tons of corn for delivery during the 2019/2020 marketing year, 340,000 metric tons of hard red winter wheat for delivery during the 2020/2021 marketing year and export sales of 110,000 metric tons of U.S. soybeans to unknown destinations for 2019/2020. Confirmation of China buying corn and wheat supported the grains early in the trade on Friday. INTL FCStone market analyst Phillip Claussen says any kind of demand is good for this market. “However, I think the big thing for the corn at this point to sustain any time of rally is to see energy values go back up. There’s significant pressure on ethanol plants. Margins are bleeding pretty bad. Unless the energy complex rallies, it will be hard to sustain a corn market rally.”
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