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Corn futures closed sharply lower, posting the largest intraday drop for the December 2015 corn contract since March 28, 2013. With the trade already leaning bearish on net drying and cooler temps in the forecast for the Eastern Corn Belt, concerns about global fallout from trouble with the Chinese economy put substantial pressure on the corn market. USDA issued its weekly crop progress report after the close where much of the trade was expecting a small improvement. The corn condition rating was up 1 point on the Brugler500 Index from last week, at 376; last year it was at 392 this week, and it was at 384 this week in 2010. As of Sunday night, 78% of the crop had reached the silking stage, 1 point ahead the 5yr avg for this week. About 14% of the national crop is in the dough stage, while the 5yr avg is 17%. Weekly export inspections reported this morning were 1.108 MMT; down from last week, but well above the same week a year ago.
Sep 15 Corn closed at $3.73, down 19 1/2 cents,
Dec 15 Corn closed at $3.83 1/2, down 19 1/4 cents,
Mar 16 Corn closed at $3.94 1/4, down 18 1/2 cents