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Corn futures closed weaker on August 13, with September contracts down 6 ¼ cents for the week at $3.70 1/2, and December contracts down 2 ½ cents. Speculative funds increased their net short position in corn futures and options by 6,462 contracts, totaling a net short of 249,007 contracts, while commercials moved to a net long position of 9,633 contracts.
The USDA’s record yield projections continue to drive discussions, and the market is monitoring crop tours starting last week and next week. The weekly Export Sales report indicated total commitments for the 2023/24 crop reached 55.817 million metric tons (MMT), equating to 98% of the USDA’s forecast, with accumulated shipments at 50.744 MMT, or 89% of the projection.
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