Corn futures are trading 3 1/4 to 3 3/4 cents higher in the nearby contracts on Wednesday. The US EIA report for the week ending May 12 had daily ethanol production rising 21,000 barrels per day (bpd), at 1.027 million bpd. That is the largest weekly production in nearly a month and a half. Meanwhile, ethanol stocks increased another 359,000 barrels to 23,414. The East Coast saw lower stocks, while the other regions were seen adding. An estimated 3.957 billion bushels of corn have been used for ethanol this 16/17 marketing year so far. Analysts at Lanworth are projecting 2017/18 corn production to be 13.99 bbu, with a national average yield of 166.9 bpa.

Jul 17 Corn is at $3.71 1/2, up 3 3/4 cents,

Sep 17 Corn is at $3.79 1/4, up 3 1/2 cents,

Dec 17 Corn is at $3.88 3/4, up 3 1/4 cents

Mar 18 Corn is at $3.98 1/2, up 3 1/2 cents

Market Commentary provided by:

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