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Corn futures closed around a penny higher on Friday, with Dec16 corn settling at $3.41 3/4. However, front month Sep16 corn was still down 17 1/4 cents on the week. Managed money held a net short CFTC position of 13,362 contracts as of the close on Tuesday, July 19. The group held a net long position of 8,702 contracts as of July 12. This was the first net short CFTC position held by the group since April 19 when they were still net short more than 30,000 contracts. During Friday’s auctions in China, 453,203 MT of the country’s reserve stocks were sold. Corn harvest in Argentina is estimated to be 53% complete. The Ag Ministry there expects 2015/16 production to reach 39.8 MMT, up from their previous estimate of 37.9 MMT, and significantly higher than the current USDA estimate of 28 MMT. The Argentinean estimate includes silage.