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Corn Lower ahead of Weekend

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Corn futures are trading with midday losses of 1 1/4 to 2 cents in the front months. The US and China continue to make posturing statements about various issues, but the background concern is negative GDP growth in China and how soon they turn that around. Both countries are signaling that Phase One purchasing commitments are still in effect, but actual Chinese buying has lagged those levels. Corn bookings were 33.652 mbu with 34.8 mbu of old crop and 1.2 mbu of net reductions in new crop sales. Accumulated commitments were 1.55 bbu through week 37, via 1.05 billion shipments and 0.5 billion unshipped sales. Shipments from the report were 59% of USDA’s forecast through 37 weeks of the MY.

Jul 20 Corn is at $3.16 1/4, down 1 1/2 cents,

Sep 20 Corn is at $3.21 1/4, down 1 3/4 cents,

Dec 20 Corn is at $3.31 1/4, down 1 3/4 cents,

Mar 21 Corn is at $3.44, down 1 1/2 cents,

--- provided by Brugler Marketing & Management

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