May corn opened 9 1/2 cents lower on the session at 651 1/4 and experienced an early range of 649 1/2 to 658 3/4. The strong US dollar and a sharp break in equity and other commodity markets helped spark early pressure for corn prices. New crop corn seemed to have led the market lower with December corn down as much as 12 3/4 cents early in the day. Renewed concerns over the European debt situation and continued talk of slower than expected growth in China helped to spark long liquidation selling pressure to push December corn to the lowest level since February 28th. A turn up in soybean prices plus talk that the USDA ending stocks estimates for world and US for the 2011/12 season will be adjusted lower on Friday helped to support. Private exporters reported a sale of 126,000 tonnes of US corn to South Korea for the 2011/12 season.
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