Corn futures are trading fractionally lower this morning after closing 1 to 2 cents lower on Monday. The USDA Export Inspections report showed slow corn shipments of 375,951 MT during the week of November 9. That is 45% lower than this time last year and 17.62% below the previous week. The Monday afternoon NASS Crop Progress report showed the US corn harvest 83% complete as of Sunday vs. the average of 91%. Total export commitments have met 39.66% of the just increased USDA export projection, compared to 47% last year and the average of 43%. The Monday edition of the CFTC Commitment of Traders report showed spec funds in corn futures and options adding 2,861 to their net short position of 205,624 contracts on 11/7.

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