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Corn futures closed the Tuesday session with most contracts 1 to 2 cents higher. Weakness in the last hour of trading came on spillover from wheat. The USDA reported private export sales of 210,000 MT of 17/18 corn to South Korea through their daily system this morning. According to DTN, the national average corn price on Monday was 33 cents above last year at $3.53 1/4. That puts the basis 3 1/4 cents above this time last year at -31H, with the March contract is set to expire on Wednesday. The weekly EIA report will be released on Wednesday morning. Dr. Michael Cordonnier trimmed his Argentina corn estimate another 1 MMT to 43 MMT, while leaving his Brazil projection at 86 MMT.

Mar 18 Corn closed at $3.85 1/2, up 1 1/4 cents,

May 18 Corn closed at $3.91 3/4, up 1 cent,

Jul 18 Corn closed at $3.99 3/4, up 1 1/4 cents

Sep 18 Corn closed at $4.04 1/2, up 1 3/4 cents

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