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Mid-Session Corn Market Report for 12/2/2008

March corn opened 2 3/4 cents higher on the day at 351 1/2 and established an early range of 345 3/4 to 354. Corn pushed above the highs of the overnight session in early trade this morning. This attracted mixed selling which traders said was mainly by specs. This took prices marginally lower into mid session, but the March contract held the lows established yesterday and overnight. Traders said that weakness in crude oil kept a lid on prices early in the session, but they noted that the market was supported by a lower dollar and a higher stock market. The USDA said that Mexico bought 330,000 tonnes of US corn. This was only considered mildly supportive as Mexico is considered a "captive" market due to its proximity to the US. Basis levels at the Gulf were steady this morning with traders reporting that water levels are expected to drop on the Mississippi near St. Louis and on the Illinois River.




 
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