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Corn futures are currently 2 to 3 cents higher at midday, as the dead cat is trying to bounce. The high yields that caused the surprise yesterday were mostly in states NOT included in the weekly 18 state progress and condition reports. On Thursday afternoon, the FSA released data that shows 950,344 acres of corn was reported as prevented plantings as of August 1. That is a five year low and down 8.55% compared to 1.039 million acres in August 2016. In Thursday’s WASDE report, exports for new crop were lowered 25 mbu to 1.85 bbu, with the feed and residual number also being lowered to 5.45 bbu. South Korea tendered for 70,000 MT of corn, with results of the tender coming as late as Monday.

Sep 17 Corn is at $3.60 1/4, up 3 cents,

Dec 17 Corn is at $3.74, up 3 cents,

Mar 18 Corn is at $3.85 3/4, up 2 3/4 cents

May 18 Corn is at $3.91 3/4, up 2 1/2 cents

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