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Mid-Session Corn Market Report for 10/13/2008

December corn opened 6 3/4 cents higher on the session at 415 and established an early range of 412 1/4 to 423. The early strength was credited to higher stock markets around the world overnight and continued strength in the US stock markets this morning. Traders said that added strength came from a higher crude oil market and a sharply lower dollar. Buyers were said to be mixed in light trade to start the day. Locals and commission houses were the main features. Cash markets are quiet this morning with cash market sources indicating that farmers remain light sellers. Harvest progress was said to be rapid over the weekend under nearly ideal conditions. Progress is expected to slow to start the week, however, as rains move into the western and NW Corn Belt today. They are expected to move on through the central and eastern belt tomorrow with amounts expected to be light to moderate and coverage somewhat scattered. The Export Inspections and Crop Progress Reports will be out tomorrow, one day late due to the Columbus Day Holiday. Basis levels were firmer at the Gulf to start the week amid a lower barge freight market and light farmer selling.




 
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