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Corn futures settled around 2 cents lower on Tuesday, pressured by a slowing in Chinese demand, and improved US crop condition ratings in key producing states. Reserve auctions held in China sold only 4,019 MT of the 1.942 MMT of corn offered. On a state by state basis, our Brugler500 Index showed that conditions in Indiana, Minnesota, and Illinois improved by 3, 5, and 6 points respectively week over week. These three states accounted for nearly a third of 2015/16 US corn production, and their respective conditions are up 18, 21 and 23 points from this time last year. Conditions worsened in Michigan, Ohio, and Pennsylvania by 8, 10, and 17 points. Those three states were accountable for only 7% of US corn production last year. There is 87% of IA corn and 86% of MN corn in the silking stage, up from their respective statewide averages of 69% and 61%. India is tendering to buy 200,000 MT of optional origin, non-GMO corn. The tender closes on Friday.
Sep 16 Corn settled at $3.32 1/2, down 2 1/4 cents,
Dec 16 Corn settled at $3.39 1/2, down 1 3/4 cents,
Mar 17 Corn settled at $3.49, down 2 cents
May 17 Corn settled at $3.54 1/2, down 2 1/4 cents