New variant of the coronavirus in South Africa

March corn advanced 14 3/4 cents this week. This was the highest close since July 1.Friday's action was characterized by a sharp gap lower open based on the finding of a new variant of the coronavirus in South Africa. Corn did quite well for the day with not only a strong rebound to fill the morning gap but also a higher close by the day. USDA's weekly export sales report confirmed China bought US corn last week. Additional factors include dryness for Eastern Argentina and Southern Brazil in the later forecast as well as discussions on energy prices and inflation.

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