Corn Futures PricesWednesday, May 22nd, 2013
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Latest Brugler Corn Report
Corn futures are currently trading 7 to 15 cents higher, as old crop futures have reversed course following a double digit break on Tuesday. Weekly EIA ethanol production rose 2.1% to 875,000 bpd. Ethanol stocks continued to decline, to 16.182 million barrels. Consumption continues to outstrip production. On a related note, RIN futures began trading on the CME Clear Port system last week. USDA reported 360,000 MT (14.7 million bushels) of new crop corn export sales to China under the daily reporting system. Another 180,000 MT was booked to unknown destinations. These sales are seen as a sign that the $5-5.20 area (adjusted for basis) is attractive to potential importers.
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