Corn futures are currently 1 to 1 cents higher after closing with fractional to 1 1/2 cent losses on Wednesday. Wednesday morning’s weekly EIA report indicated ethanol production for the week of September 29 had increased 14,000 barrels per day to 1.01 bpd. That is good for corn use. Total corn use for ethanol was 5.44 billion bushels last year, according to the Grain Crushings report. Ethanol stocks for that week also jumped 805,000 barrels to 21.545 million barrels, with a bulk of that number coming on the East Coast. The USDA export sales report released later this morning has traders expecting 500,000-700,000 MT in 17/18 corn sales for the week ending 9/28. Last week’s sales fell to a marketing year low of 320,242 MT.

Market Commentary provided by:

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