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Corn futures closed the Friday session with contracts pulling off midday lows but still down 2 to 4 cents. March was down 2 ¼ cents this week. The CmdtyView national average Cash Corn price was down 2 cents at $3.93 1/4. Outside markets played a role on Friday, with the dollar index up $0.893.
Commitment of Traders data from CFTC showed managed money speculators in corn futures and options trimming 9,274 contracts from their net short in the week ending on January 27. That mainly came via new longs, as the net short was at 72,050 contracts. Commercials saw some long reduction, with the net short rising 17,381 contracts to 187,342 contracts.
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Export Sales data now has corn commitments at 57.694 MMT, which is 33% above the same period last year. That is also 71% of the USDA export projection, ahead of the 67% average sales pace.
The Buenos Aires Grains Exchange estimates the Argentine corn crop at 46% good/excellent, lagging the 52% from last week but still better than the 31% rating last year.
Source: Online/GFMM
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