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“Another day of pounding on corn prices as the trade digests yesterday’s USDA data,” Ami Heesch, with CHS Hedging, said. “The fear of not having ample supplies of corn is evident in the N0/Z0 spread going from concerns at a 22-cent inverse to a 4-cent carry. The Dec 19 filled the $3.80-$3.77 ½ gap and now has a new gap from $3.92 ¾ -$3.88.”

South American news also offered corn resistance. “Brazil export prices are still below US despite the recent sharp selloff in US prices,” Steve Freed, with ADM Investor Services, said. “Brazil is already expected to increase corn acres in 2020. Steep drop in Argentina currency could also encourage Argentina farmers to increase acres in 2020.”

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