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Corn futures ended the day 2 1/2 to 3 3/4 lower, but December was 3 cents higher on the week. Both the weekly Export Sales report from the USDA, and the weekly ethanol figures from the EIA supported the corn market this week. Traders were looking for USDA to show weekly Export Sales for last week at 500,000 MT to 750,000 MT. USDA put the actual figure this morning at 944,900 MT, with unknown the largest buyer. Another 110,000 MT were sold to Costa Rica, announced this morning under the daily reporting system. The US Dollar Index was sharply higher today, and January ethanol futures were more than 6 cents lower on the session. The IGC pushed its 2014/15 world corn production estimate 2 MMT higher. For the 2015/16 crop, Safras & Mercado is calling for a 1.7 MMT year over year reduction in Brazilian corn production, tied to a 6.2% reduction in total planted area.
Dec 14 Corn closed at $3.75 3/4, down 2 1/2 cents,
Mar 15 Corn closed at $3.88 3/4, down 2 3/4 cents,