Corn futures are trading 5 to 6 cents higher this morning on profit taking after an ugly day on Thursday. They finished Thursday with losses of 15 to 15 3/4 cents in the front months. Preliminary open interest confirms long liquidation as the driver yesterday, with OI down 25,469 contracts. USDA reported export shipments of 880,507 MT, which was off last week’s mark by 20.6% and down 29.14% from the previous year. Total corn export commitments are now just 16.37% above last year at this point. The USDA is projecting 2.225 billion bushels in exports for 2016/17. Total commitments are now 99% of that number, vs 103% last year and the average of 102%. 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.

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