NYMEX CBOT CME CME Group
Mid-Session Corn Market Report for 10/15/2008

December corn opened 9 3/4 cents lower on the session at 401 1/2 and established an early range of 399 3/4 to 406 1/2. Corn opened substantially lower following the sharp breaks in crude oil and stocks this morning with traders saying that direction is coming increasingly from outside markets. Traders said that volume was good on the break and that funds were sellers along with locals. Commission house sell stops added to the volume on the decline and corn saw mixed to lower levels versus wheat in the December contracts in the early going. Traders are also watching the Baltic Dry Sea Freight Index which fell to 5 1/2 year lows today, down 86% from the highs this spring. Cash markets are said to be quiet with mostly steady basis levels in the interior and at the Gulf. Harvest progress may be slowing today for corn with rains expected across most major growing areas except the SE Corn Belt today.




 
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