Corn futures are currently down 6 1/2 to 6 3/4 cents at midday. The Monday morning USDA export inspections report showed 1.219 MMT of corn was shipped during the week of June 15. That was 1.33% below last week, but was 13.61% larger than last year at this time. This afternoon’s crop progress report is expected to show corn condition ratings 1%-2% higher from last week’s 67% g/e rating. The Commitment of Traders late Friday report showed spec funds lopping 120,829 contracts off their net short position in corn options and futures trading. As of Tuesday they had a net short position of -17,929 contracts. This Friday, China will sell 2.32 MMT of corn from state reserves.

Jul 17 Corn is at $3.77 1/2, down 6 1/2 cents,

Sep 17 Corn is at $3.85 1/4, down 6 3/4 cents,

Dec 17 Corn is at $3.95 1/4, down 6 3/4 cents

Mar 18 Corn is at $4.04 3/4, down 6 1/2 cents

Market Commentary provided by:

Brugler Marketing & Management LLC
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Phone: 402-697-3623
Fax: 402-289-2353

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