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March Corn finished down 7 3/4 at 720 3/4, 9 3/4 off the high and 1 1/2 up from the low. May Corn closed down 7 1/2 at 722 3/4. This was 1 1/2 up from the low and 9 1/2 off the high.
March corn traded steady early on but fell under strong liquidation sell pressure late in the day. Calendar spread profit taking was noted. Soybeans saw double digit losses on the day after yesterday's sharply higher trade. Outside markets were slightly negative with US equities trading weaker early on but turned positive near the closing bell. Poor corn exports and thoughts that ethanol production might slow further in the coming months amid poor profit margins suggest that demand rationing has taken place in some areas of the corn balance sheet. However, strong feed use so far this crop year favors the bulls. The weather outlook for Argentina remains dry with stints of above normal temperatures. Some midday weather maps added some better chances for rainfall soon which may have triggered some profit taking but confidence is mixed on the outlook. Some commodity weather analysts suggest that the net drying over the next two weeks could add stress to the corn crop during its key pollination stage. Thoughts that yield and overall production could be trimmed soon were supportive to the market.
*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.