Corn futures are fractionally lower after settling the Monday session with most contracts 2 to 3 1/4 cents in the red. Preliminary open interest was up 5,238 contracts, indicating some net new selling interest. The USDA reported a private export sale of 130,000 MT of corn to South Korea for 17/18 delivery through their daily reporting system Monday morning. The Export Inspections report showed 1.074 MMT in corn shipments during the week ending 2/1. That was 6.2% larger than the week prior but 4.4% lower than the same week in 2017. Ahead of Thursday’s monthly USDA report, analysts are expecting to see a 9 mbu reduction in US corn ending stocks to 2.468 bbu.

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