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Corn futures closed mostly 2 1/2 cents lower, with September futures settling 7 1/4 higher as they expired. Freezing temperatures were seen in various pockets of the upper Midwest but corn is a little more cold tolerant than soybeans. The trade appears to be numb to the idea of significant damage, particularly with much above normal temps in the 8-14 day forecast. A USDA yield estimate of 171.7 bpa yesterday and 2 billion bushel carryout estimate provides some cushion against weather related losses. The USDA cut in estimated Chinese 2014 production is not taking their crop low enough to eat into carryover. i.e. production is still expected to be larger than use.
Sep 14 Corn closed at $3.39, up 7 1/4 cents,
Dec 14 Corn closed at $3.38 1/2, down 2 1/2 cents,