US Corn Futures Settles With Modest Gains

Corn futures were higher on Friday. The July contract was 11 1/4 cents higher at $7.59 1/2. December was 4 1/2 cents higher at $6.66 1/2.

Futures held on to modest gains despite a late selling pressure. For the weekly July futures were 93 cents higher and December 39 1/2 cents.

Nearby futures and the cash market led the rally this week even though weather and is mostly a new-crop feature. This year tight old-crop supplies and now late planting add to the old-crop tightness by pushing back the availability of new-crop. Basis levels are firming.

(Source: http://www.indiainfoline.com/Markets/News/US-Corn-Futures-Settles-With-Modest-Gains/3722982109)