Corn futures closed the Thursday session with most contracts 1 to 2 1/4 cents lower, on position squaring ahead of Friday’s USDA reports. The weekly FAS Export Sales report showed 554,492 MT in old crop corn sales, with new crop sales shown at 657,670 MT. Total 18/19 outstanding sales are 54.22% larger than the same week in 2017. Shipments in the week of 8/2 were 1.429 MMT, up 46.76% from last year. Trade estimates compiled from Reuters and Bloomberg surveys are expecting the 2017/18 world ending stocks number will be trimmed by ~1.2 MMT to 190.5 MMT on Friday. New crop is seen just 0.36 lower at a tight 151.6 MMT. CONAB trimmed their 17/18 Brazil corn production number by 0.75 to 82.18 MMT. China sold 1.176 MMT of corn from state reserves in an auction on Thursday, totaling 29.51% of the amount offered. A couple export tenders saw purchases of optional origin corn (with US listed as an accepted origin) by South Korean (68,000 MT) and Taiwan (65,000 MT) importers on Thursday.

Sep 18 Corn closed at $3.69 1/4, down 2 cents,

Dec 18 Corn closed at $3.82 3/4, down 2 1/4 cents,

Mar 19 Corn closed at $3.94, down 2 cents

May 19 Corn closed at $4.00 3/4, down 1 3/4 cents

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