Corn futures finished Thursday trade with losses of 15 to 15 3/4 cents in the front months. 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. Export shipments came in at 880,507 MT, which was off last week’s mark by 20.6% and down 29.14% from the previous year. China sold 628,009 MT of corn in an auction of state reserves, which saw 1.99 MMT of 2013 corn offered on Thursday. The Buenos Aires Grain Exchange reported that 55.5% of the country’s corn crop has been harvested, just 2.5% higher than the previous week. Exportable supplies are still adequate.

Jul 17 Corn closed at $3.61, down 15 1/4 cents,

Sep 17 Corn closed at $3.69 3/4, down 15 3/4 cents,

Dec 17 Corn closed at $3.83, down 15 3/4 cents

Mar 18 Corn closed at $3.93 1/2, down 15 cents

Market Commentary provided by:

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