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March Corn finished up 3 1/4 at 688 3/4, 5 3/4 off the high and 5 up from the low. May Corn closed up 3 1/2 at 688 3/4. This was 5 1/2 up from the low and 4 3/4 off the high.
March corn traded higher into the closing bell as active bull spreading, firm basis and short covering were seen as reasons for the higher trade. US corn cargos remain a premium to South American cargos which continues to stifle any positive progress in the export demand outlook. South Korea was back in the market overnight with two separate tenders. One buyer purchased 137,000 tonnes of corn for May shipment with half coming from South America and the other half was a US/South American option. The second tender was for 110,000 tonnes which will likely be sourced from South America for June arrival. The trade is looking ahead to this Fridays December 1st Grain Stocks and Supply and Demand report. December 1st stocks are estimated to come in near 8.2 billion bushels and production could fall just under 10.7 billion bushels vs. 10.725 currently. This will depend on if there is a significant adjustment to the yield and harvested acreage. Some expect a sharp decline in harvested acreage given the historically high abandonment rate in previous drought years.
January Rice finished down 0.015 at 14.96, equal to the high and equal to the low.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.