Corn futures are trading 2 1/2 to 3 1/4 cents lower in the nearby contracts at midday. The drought monitor shows parts of the Corn Belt with abnormal dryness through Tuesday June 13. Rains expected across the more eastern areas, however, will likely reverse that. The USDA reported 600,740 MT for old crop export bookings, within expectations and 72.33% larger than last week. There were just 13,510 MT shown for 2017/18 sales. So far this year, new crop outstanding sales are 30.39% behind last year, as high South American production has hindered demand for2017/18 US corn. China was reported to have sold only 98,293 MT of the nearly 1.385 MMT of 2013 corn offered at an auction of state reserves on Thursday.

Jul 17 Corn is at $3.74 1/2, down 2 1/2 cents,

Sep 17 Corn is at $3.82 1/4, down 2 3/4 cents,

Dec 17 Corn is at $3.92 1/2, down 3 cents

Mar 18 Corn is at $4.01 1/2, down 3 1/4 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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