Corn futures are showing fractional gains at midday. This morning's USDA Export Inspections report showed 1.11 MMT of corn for exports during the week of July 13. That is 9.77% larger than the previous week but 16.5% smaller than this time last year. Trade ideas had been around 950,000 MT. Analysts are expecting the Crop Progress report to present conditions steady to lower compared with last week's 65%. On the other hand, forecasts show northern IA and southern MN getting 2-3 inches of rain this week. Friday’s CTFC data shows managed money switched from net short to a net long position of 100,964 contracts in corn futures and options trading as of last Tuesday. They likely exited a chunk of those positions on Thursday. China's Ag Ministry on Monday posted notice they've approved the import of two additional GMO crops: Monsanto's Roundup ready brand corn and Syngenta's Agrisure Duracade brand corn. .

Sep 17 Corn is at $3.77, up 3/4 cent,

Dec 17 Corn is at $3.89 3/4, up 1/4 cent,

Mar 18 Corn is at $4.00 1/4, unch ,

May 18 Corn is at $4.05 3/4, up 3/4 cent

Market Commentary provided by:

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