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Corn futures posted 4 to 5 cent losses in most contracts on Friday, as July expired at $3.30 1/4. Newly appointed front month September was down 5.27% on the week. Friday afternoon’s CFTC Commitment of Traders report indicated that the spec managed money net short position grew by 33,566 contracts. In the week that ended July 10, their net position in corn futures and options was -104,376 contracts. The USDA updated their balance sheets yesterday, showing a 100 mbu increase in old crop projected exports to 2.400 bbu and a 125 mbu jump to new crop shipments to 2.225 bbu. They dropped corn usage for ethanol by 50 mbu for 18/19, but increased 17/18 by 25 mbu. The USDA also tightened the 17/18 cash average price to $3.30-3.50, while trimming new crop by 10 cents to a $3.30-4.30 range. A Chinese auction of state reserves saw 942,336 MT of corn sold, totaling 23.45% of the amount offered on Friday.

Jul 18 Corn closed at $3.30 1/4, down 6 1/4 cents,

Sep 18 Corn closed at $3.41 1/4, down 4 1/2 cents,

Dec 18 Corn closed at $3.54 3/4, down 4 1/2 cents

Mar 19 Corn closed at $3.66 1/2, down 4 1/2 cents

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