Corn futures finished the day with 3 1/2 to 4 3/4 cent gains, as Sep was 1.57% lower on the week. The CFTC Commitment of traders report on Friday showed spec funds backing off their net long position by 17,571 contracts as of Tuesday with a net position of +67,073 contracts in corn futures and options. 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 closed at $3.60 3/4, up 3 1/2 cents,

Dec 17 Corn closed at $3.74 3/4, up 3 3/4 cents,

Mar 18 Corn closed at $3.86 1/2, up 3 1/2 cents

May 18 Corn closed at $3.92 3/4, up 3 1/2 cents

Market Commentary provided by:

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