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Corn Market Fractionally Higher

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Corn futures are fractionally higher this morning. Nearby contracts closed UNCH to 1/4 cents higher on Thursday after a morning rally fizzled. From the weekly Export Sales report, old crop corn bookings had net reductions of 29,321 MT. Colombia, Japan, and Taiwan were net buyers, but Mexican and Canadian reductions had offset. New crop forward sales from the week ending July 23 were 638,714 MT, which was 392% above new crop sales from the same week last year. Total MY new crop corn forward sales were 8.328 MMT through July 23, which is 115% higher yr/yr. Of that total, China has booked 3.78 MMT, their largest forward purchases on record! The weekly Chinese auction of reserve inventory was 100% subscribed, at an average price of $7.39 per bushel. --- provided by Brugler Marketing & Management

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