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Corn futures finished the day with losses of 2 to 4 cents, on concerns that a reduction of the Argentine export tariff will provide the global market with more corn. Dec15 corn gave back nearly all of its gains from Monday. Argentina is projected to produce 25.6 MMT worth of corn in 2015/16. The Chicago Board of Trade will have normal operating hours tomorrow, but will be closed Thursday due to the Thanksgiving Holiday. According to DTN, the national average cash price for corn was $3.47 1/4 as of Monday night, 6 cents higher than it was last year at this time. The national average basis was -$0.20, 11.5 cents stronger than it was on this date in 2014. The IGC states that US corn export prices were $171/ton on Monday, down $19/ton from the same period a year ago, but $1/ton higher from Friday.
Dec 15 Corn closed at $3.64 1/4, down 3 cents,
Mar 16 Corn closed at $3.69 1/2, down 3 1/2 cents,