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Corn Market Report
Sat 04 Feb 2012 07:09:00 CT
Related Keywords: Agriculture
Related Keywords: Agriculture
Mid-Session Corn Market Report for 2/3/2012
March corn opened 1 1/2 cents higher on the session at 644 1/2 and experienced an early range of 638 to 646. News that Taiwan bought 50,000 tonnes of corn from Argentina, talk of the overbought condition of the market and nervousness that higher prices will slow demand helped to spark some long liquidation selling and lower prices into the mid-day. In addition, talk that the lower wheat crop for Ukraine will result in higher corn production in the Ukraine for the coming year was also seen as a negative factor. Jordon also bought 50,000 tonnes of Argentina corn for March shipment. South Korea bought 174,500 tonnes of optional origin corn. With a strong equity market and higher trade for other commodity markets, traders expected corn to follow soybeans higher today but speculative sellers were a bit more active than expected.
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