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Corn futures closed the Thursday session with most contracts 2 to 3 3/4 cents higher following this morning’s USDA report. US corn production was increased 96 mbu in the USDA supply and demand table to 14.280 bbu. That was mainly from an adjustment in yield (+1.9 bpa) at 171.8 bpa, as harvested acreage was down 400,000 acres to 83.1 million acres. US ending stocks for 17/18 were increased 5 mbu to 2.34 bbu, while world ending stocks fell 1.51 MMT to 200.96 MMT. The weekly EIA showed ethanol production at just 967,000 barrels per day for the week of October 6, down 43,000 bpd from the previous week. That is the lowest production number since the first week of October in 2016. Stocks of ethanol shrunk 22,000 barrels to 21.523 million barrels. Analysts are expecting 0.8-1.1 MMT in 17/18 export sales during the week of October 5. The USDA report will be out in the morning.

Dec 17 Corn closed at $3.49, up 3 cents,

Mar 18 Corn closed at $3.62 3/4, up 3 1/4 cents,

May 18 Corn closed at $3.71 3/4, up 3 3/4 cents

Jul 18 Corn closed at $3.79 1/4, up 3 1/2 cents

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