Corn Futures PricesTue, Mar 3rd, 2015
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Corn futures added to early-day gains and closed up 3 cents or better. Informa lowered its Brazilian corn crop 450,000 metric tons to 72.4 MMT from its previous estimate but raised its Argentine corn estimate 500,000 MT to 23.5 MMT. In its new monthly industrial use report, USDA said its mandatory survey found January corn use for ethanol of 454 million bushels, an annualized 5.44 billion bushel pace before seasonal adjustments. January use was about 11 mbu smaller than December, but more than 10 million above November. USDA’s projection for 2014/15 is 5.25 billion and does apply seasonal patterns. Less than 11% of US ethanol production now comes from wet mill processes vs. dry mills.
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