Corn futures finished the trading week just below $6.35 a bushel as the agricultural commodity enjoyed remarkable gains on new data showing big sales to China. Corn prices have struggled in 2023 and have failed to repeat the performance from the same time a year ago. Can corn turn things around?

May corn futures rose $0.02, or 0.32%, to $6.3475 per bushel on Friday on the Chicago Board of Trade (CBoT). This was its third consecutive session gain. Corn posted a weekly gain of 2.67%, but it is still down 6.45% year-to-date. Over the last 12 months, corn prices have plummeted more than 14%.

According to the US Department of Agriculture (USDA), US corn sales to China totaled 1.92 million tons over three days, and market observers expect the US government to report an additional 600,000 tons of US corn before the end of next week for the 2022/2023 marketing year.

This is the first time that sales to China have surged on consecutive days since May 2021.

Industry observers say that China’s economic reopening could be significantly bullish in the coming months, with the world’s second-largest economy to substantially bolster imports, from grains to energy to metals.

The next major data will be released next week when the USDA publishes its weekly grains export inspection figures, and the Commodities Future Trading Commission (CFTC) releases its weekly Commitment of Traders report.

In other agricultural commodities, May wheat futures picked up $0.1025, or 1.47%, to $7.0925 per bushel. May soybean futures tumbled $0.155, or 1.04%, to $14.76 a bushel. May orange juice futures advanced $0.0085, or 0.35%, to $2.434 per pound.