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Corn turns down following decline to ethanol production

Corn futures experienced a slight retreat in the front months on Wednesday, with losses ranging from 1 to 2 cents. However, New Crop December saw a modest increase of ½ cent by midday.

According to the EIA’s weekly petroleum report, ethanol production stood at 954,000 barrels per day for the week ending on April 19. This marked a decline of 29,000 barrels per day compared to the previous week, resulting in a total two-week drop of 102,000 barrels per day. Ethanol stocks were reported at 25.733 million barrels, reflecting a decrease of 347,000 barrels from the previous week and marking the third consecutive weekly drawdown.

It is anticipated that Export Sales data will reveal old crop corn bookings ranging from 400,000 to 900,000 MT for the week of 4/18. New crop sales are expected to range between 25,000 and 350,000 MT in total bookings.

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