US corn futures eased to a lower close on Friday on a USDA's July supply/demand report that showed US corn ending stocks above estimates. Market underpinned by forecasts for hot weather that could stress the developing crop around the Midwest. CBOT September down 2 at $3.83-1/2 per bushel. Funds bought 3,000 contracts.
USDA said US 2009/10 corn ending stocks at 1.478 billion bushels, above an average of analysts' estimates for 1.400 billion. USDA 2010/11 corn ending stocks at 1.373 billion, above average estimate for 1.301 billion. USDA said export sales of US corn last week totalled 826,000 tonnes, within estimates for 800,000 to 1,100,000 tonnes. CBOT September oats up 7-1/2 at $2.65 per bushel.
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