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Corn futures settled mostly 3 1/2 to 4 1/2 cents lower on the session, with most contracts logging new life of contract lows. The sell off continued despite yield estimates from private firms coming in below the USDA’s August figure. Pro Farmer projects 14.728 billion bushels of production with a 170.2 bpa national average yield. Crop condition ratings in the weekly update from NASS were steady with the previous week. As of Sunday, about 92% of the crop had reached the dough stage, vs. the five year average of 87% for this week. Weekly export inspections were 1.422 MMT, which was up 11.15% from vs. the previous week and about 42.2% larger than the same week last year. Managed money accounts showed a smaller net short position than the previous week after they were shown adding both long and short positions during the week ending last Tuesday; reporting 177,950 longs and 331,892 shorts.
Sep 16 Corn settled at $3.11 3/4, down 4 1/2 cents,
Dec 16 Corn settled at $3.20 3/4, down 4 1/4 cents,
Mar 17 Corn settled at $3.31, down 3 1/2 cents
May 17 Corn settled at $3.38 1/4, down 3 1/2 cents