Corn futures closed higher with strong export sales and expected rain, positive for the corn market.

Corn futures closed Thursday with 2 to 4 cent gains, September up 8 ¾ cents and December 10 cents higher. The front month national average Cash Corn price was $4.06 3/4. A private export sale of 156,000 MT of corn was sold to unknown destinations. Rain expected in the Western Corn Belt next week.

USDA Export Sales report showed 532,745 MT of old crop corn booked in the week ending June 26, below traders’ expectations. New crop sales totaled 940,159 MT, exceeding expectations. Monthly export data showed 7.29 MMT of corn exported in May, up 22.14% from last year. Jul 25 Corn closed at $4.31 1/2.

President Trump expected to deliver a speech in Iowa on trade topics. Rains forecasted for the Western Corn Belt next week. Monthly export data from Census showed corn exports in May were up 22.14% from last year. Jul 25 Corn closed at $4.31 1/2.

Read more at Yahoo Finance: Corn Holds onto Gains to Extend Bounce into Long Weekend