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Corn Fractionally Higher

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Front month corn prices closed fractionally higher, with March ’21 UNCH. Sept futures go into the weekend down 3.14% since last Friday. Dec futures were down 2.4% wk/wk, and closed out July with a 6.7% loss to $3.27/bu. USDA announced a private export sale of 114,300 MT of corn to Mexico for 2020/21 delivery this morning. The weekly Chinese auction of reserve inventory was 100% subscribed, at an average price of $7.39 per bushel. From the Commitment of Traders report, managed money was shown net short 143,280 contracts in corn on July 28. Wk/wk, that was 5,510 contracts more net short, with a 5.2% increase to OI. Commercials increased their net short on the week by 2,958 contracts via a light decrease in OI.

Sep 20 Corn closed at $3.16, up 1/4 cent,

Dec 20 Corn closed at $3.27, up 1/4 cent,

Mar 21 Corn closed at $3.38 1/4, unch,

May 21 Corn closed at $3.46, up 1/4 cent,

--- provided by Brugler Marketing & Management

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