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Corn futures are currently 4 to 5 cents higher following this morning’s USDA report. A private export sale of 120,000 MT of corn to Mexico for 17/18 delivery was announced this morning. 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, as 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.

Dec 17 Corn is at $3.52 3/4, up 6 3/4 cents,

Mar 18 Corn is at $3.66 1/2, up 7 cents,

May 18 Corn is at $3.75, up 7 cents

Jul 18 Corn is at $3.82 3/4, up 7 cents

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