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Corn futures settled mostly 7 to 7 1/2 cents lower on Friday with Dec16 down 7 cents on the day, and losing 18 3/4 cents on the week. The PFA tour estimated IA average yield at 188.17 bpa vs. the 3 year average of 176.98. Their MN estimate is 182.32 vs. the 3 year average of 180.91. Ethanol futures were slightly lower on the session. The Dec17-Dec16 corn spread reached a new high on Friday at 41.75 cents. As of the Tuesday close, managed money had reduced its net-short position by a net 7,537 contracts vs. a week earlier according to the CFTC report published on Friday after the markets closed.
Sep 16 Corn settled at $3.16 1/4, down 7 1/4 cents,
Dec 16 Corn settled at $3.25, down 7 cents,
Mar 17 Corn settled at $3.34 1/2, down 7 1/2 cents
May 17 Corn settled at $3.41 3/4, down 7 1/4 cents