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Corn futures closed the Friday trade down 2 to 3 cents, with the Mar16 contract down 6 1/4 cents on the weekly board. Commodities were pressured by the rebounding USD today, which was up a few hundred points. The next installment of the WASDE report will be released next Tuesday. Traders expect 15/16 US corn ending stocks to be 1.815 bbu on average (Jan: 1.802 bbu). World ending stocks on average are projected to be 208.32 MMT (Jan: 208.94 MMT). Brazilian production is estimated to rise 0.2 MMT to 81.7 MMT, but Argentinean production is projected to slip by 0.3 MMT to 25.3 MMT. Data from the CFTC showed that managed money reduced their net short position during the week ending Feb 2 by 27,718 contracts. The position held as of the close on Tuesday was still 59,479 contracts net short. Ethanol prices at the pumps this week were 2 cents lower in IL and 6 cents off in SD, but were a penny higher in IA. NE ethanol prices were unchanged week to week.
Mar 16 Corn settled at $3.65 3/4, down 2 3/4 cents,
May 16 Corn settled at $3.70 3/4, down 2 3/4 cents,