Corn futures are trading steady to a penny higher after closing 2 to 2 1/2 cents higher on Thursday. The Drought Monitor shows parts of the Corn Belt with abnormal dryness. Rains are expected across the more eastern areas, will likely reverse part of that. Weekly corn export shipments for the week of June 8 were down 18.3% on the week to 992,266 MT, with total exports YTD 40.06% above last year. Total corn export commitments are 19.92% above last year at this point. They are 97% of the USDA projected export total slightly lagging the average of 98%. Satellite imagery company Planalytics estimates 2017 US corn yield at 166.9 bu/ac, down 0.5 bu/ac from their previous estimate. China was reported to have sold only 98,293 MT of the nearly 1.385 MMT of 2013 corn offered at an auction of state reserves on Thursday.

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