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Corn futures settled with losses around 3 cents, as the Mar16 contract closed lower for the fourth consecutive day. The USDA Export Inspections report early this morning showed that 438,560 MT of corn was inspected for export during the week ending last Thursday, down 40% from the previous week, and 37% smaller than the same week in 2015. YTD inspections are now 21% behind a year ago. The next installment of the USDA WASDE report will be released tomorrow at 11 am CST. Traders expect 15/16 US corn ending stocks to be 1.815 bbu on average (Jan: 1.802 bbu). World ending stocks on average are projected to be 208.32 MMT (Jan: 208.94 MMT). Under the daily reporting system, private exporters reported to the USDA that 100,000 MT of US corn was sold to Mexico early this morning for 2015/16 delivery. On Friday, Argentine President Macri stated that he was raising the required ethanol blend for gasoline in that country from 10% to 12%. According to the Ukrainian agriculture minister, corn exports from the country are estimated to reach 16.7 MMT (USDA Jan: 15 MMT).
Mar 16 Corn settled at $3.62 1/4, down 3 1/2 cents,
May 16 Corn settled at $3.67, down 3 3/4 cents,
Jul 16 Corn settled at $3.72 1/4, down 3 3/4 cents
Sep 16 Corn settled at $3.77 1/2, down 3 1/2 cents