December corn opened 4 1/2 cents lower on the session at 741 and experienced an early range 718 1/2 to 743 3/4. The market saw some choppy trade early but then developed a significant long liquidation selling trend from speculators. A lack of new commercial buying under the market and spec selling helped drive the market sharply lower and to the lowest level since August 19th early in the day. Crop conditions improved for the weekly update and Iowa good to excellent readings were up 2% and this may have added to the negative tone. The move under yesterday's lows was also seen as a negative technical development; especially since there was a USDA key report yesterday. Weakness in wheat added to the negative tone and talk of cold weather for later this week plus the positive action for outside markets (higher crude oil, higher livestock prices and a lower US dollar) failed to provide much support.
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