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Corn futures are trading mostly 2 cents lower this morning after limit up closes in the July and September contracts on Tuesday. Trade sources estimated fund buying at 25,000 contracts. Preliminary open interest rose 18.087 contracts, with most of the buying in the September and December futures. June 1 corn stocks in all positions were 215 mbu smaller than the average pre-report guess from the trade, although still much larger than year ago. MAM disappearance was 3.3 bbu, up 4.4% from a year earlier. The new crop corn acreage figure was the lowest since 2010, coming in at 88.897 million acres and down about 302K from the March 31 intentions. Smaller than expected stocks and smaller than expected acreage, combined with declining crop condition ratings to give the bulls encouragement to run. There were 1,100 delivery notices vs. July futures following the big rally. All were dumped on the market by the ADM house account, with 531 stopped by ADM Investors clients.