Corn futures are showing 11 to 13 1/4 cent losses in the nearby contracts at midday. This morning, the USDA reported old crop corn export sales of just 161,048 MT for the week of July 6, 14.81% larger than last week but still 75.88% lower than last year. New crop sales picked up to 279,660 MT, as they were 275% above the previous week but 59.34% smaller than the same week in 2016. The USDA increase their 16/17 US ending stocks projection to 2.37 bbu yesterday, as Feed and Residual was lowered 75 mbu. The USDA lowered the average farm price estimate 10 cents to a range of $2.90-$3.70. A band of shower activity from NE to OH this morning is not improving the bulls case. China sold 628,009 MT of corn in an auction of state reserves, which saw 1.99 MMT of 2013 corn offered on Thursday.

Jul 17 Corn is at $3.65 1/4, down 11 cents,

Sep 17 Corn is at $3.72 1/4, down 13 1/4 cents,

Dec 17 Corn is at $3.85 3/4, down 13 cents

Mar 18 Corn is at $3.96, down 12 1/2 cents

Market Commentary provided by:

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