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Corn futures declined on Thursday, with losses ranging from 3 to 4 cents amid rising external pressures. The US dollar index reached a two-month high, while crude oil prices fell by 98 cents per barrel. The CmdtyView national average cash corn price dropped 4 cents to $3.76 3/4, and December futures averaged $4.20, fluctuating between $4.16 ½ and $4.22 this month.
China’s monthly report indicated the corn production estimate remained unchanged at 296.16 MMT, while imports were lowered by 1 MMT to 6 MMT. Specific futures closed as follows: Dec 25 corn at $4.18 1/4 (down 3 3/4 cents), Nearby Cash at $3.76 3/4 (down 4 cents), Mar 26 corn at $4.34 (down 3 3/4 cents), and May 26 corn at $4.42 3/4 (down 3 1/2 cents).
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