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Corn futures settled 8 cents lower in the July contract, just 3/4 cent off the low for the day. Dec corn lost a nickel to close at $4.08 1/2. The weekly Crop Progress report was published at 3 PM CDT this afternoon showing national corn planting progress at 94% and emergence at 78%. The trade was looking for 93% planted (on average). Planting progress is even with a year ago for this week, but emergence is 3 points behind last year at this time. Corn condition ratings made their 2016 debut in this report at 72% good/excellent. The Brugler500 Index rating for the national crop is 379 vs. 383 for the same week last year. Export inspections during the week ending last Thursday were a relatively small 786,407 MT. This was down 31.5% from the week before, and 20% smaller than the same week in 2015. YTD inspections as of May 26 were 28.414 MMT, down 11% from the same period in 2014/15. Private exporters reported changes in destination for 120,000 MT of US corn from unknown destinations to Taiwan, all for 2015/16 delivery.
Jul 16 Corn settled at $4.04 3/4, down 8 cents,
Sep 16 Corn settled at $4.06 3/4, down 7 1/2 cents,
Dec 16 Corn settled at $4.08 1/2, down 5 cents
Mar 17 Corn settled at $4.15 1/4, down 4 3/4 cents