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“Corn traded significantly higher today, surprising many with the sharp rally ahead of tomorrow’s USDA report,” Michaela White, with CHS Hedging, said. “The market seemed to be rehashing the same news it has been trading all week, with attention on anticipated reduced ending stocks tomorrow, dryness in South America and strong U.S. cash markets.”

USDA’s weekly Export Sales report showed 807,039 MT of corn booked during the week ending April 1, Brugler Marketing said. Of that, 757,039 MT were for 2020/21 delivery, which was in line with expectations, and 50,000 MT were for new crop, which was at the low end of estimates.

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