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Corn futures closed around 4 cents lower on Thursday, but not before trading 3 cents higher earlier in the day. There was 915,270 MT of US corn sold on the export market during the week ending July 21 per the weekly USDA Export Sales report this morning. Japan was in for 96,200 MT of old crop corn, while unknown destinations were responsible for 476,500 MT of new crop corn. Weekly shipments totaling 1.380 MMT were the largest in a month. With 6 weeks left in the marketing year, old crop commitments are 103.3% of a year ago, compared to only 96.9% of the previous year at this time in 2015. South African corn production is estimated by the country’s Crop Estimates Committee to be 7.26 MMT, higher than the 7.2 MMT median estimate in a Bloomberg survey of trade analysts (USDA: 6.5 MMT).
Sep 16 Corn settled at $3.31 1/4, down 4 1/2 cents,
Dec 16 Corn settled at $3.38 3/4, down 4 1/4 cents,
Mar 17 Corn settled at $3.47 1/2, down 4 1/4 cents
May 17 Corn settled at $3.53 1/4, down 3 3/4 cents