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Corn futures are 2 to 4 cents lower at midday. The Export Inspections report this morning showed 920,708 MT of corn was inspected for export during the week ending July 30. This was down 17% from the previous week. The national average basis strengthened by 5 3/4 cents last week to 28 1/4 cents under the September contract. The European Commission decreased their projected 15/16 European corn crop production by 2.9 MMT, to 65.5 MMT (USDA: 65.8), due to a hot and dry July. The weekly CFTC report on Friday showed that managed money accounts reduced their net long position by 36,864 contracts as of July 28, to a new net long of 242,801 contracts. Traders surveyed overnight expect USDA crop condition ratings to be close to UNCH due to favorable growing conditions in the large acreage states. South Korea purchased 65,000 MT of corn for January delivery.