MUMBAI (Commodity Online): Corn ended mixed Thursday, clawing its way back after trading lower all day thanks to bearish fundamentals. The market remained under pressure from Wednesday’s supply and demand report, which cut exports and increased projected 2009-10 carryout.

The large supplies should mute any concerns about planting delays leading to a smaller crop this year, as “we’re not going to really need it,” said John Kleist, broker/analyst with Allendale in McHenry, Ill.

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Traders said limiting the losses was a correction in the corn-soybean spread, as soybeans, which climbed Wednesday, plummeted Thursday. Kleist said it’s tough to envision anything sparking a rally in corn, but that commercial buying could limit the downside.

March Corn ended flat at $3.55 1/2 per bushel, and May corn ended down 1/4 cent to $3.65 1/4. Some deferred contracts climbed slightly.

Courtesy: CBE Group

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