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Jim Prince, 25-year commodity market veteran, just posted a 3+ minute video about a recent move in the commodity markets. Watch it now, and he'll send you a free companion PDF and an email reminder every time he posts a new Daily Alert video.
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By the end of the day, corn futures had recovered better than a nickel of the 18-cent post-report losses seen Tuesday. Today, EIA reported weekly ethanol production averaged 952,000 barrels/day, off 1K from the prior week. Ethanol stocks tightened to 20.5 million barrels from 21.3 million the week before. Today USDA released its Grain Crushings and Co-Products report for February. Corn used for alcohol and other uses was 442.2 million bushels, down 11% from January and 13% from December. Fuel alcohol use was 395.8 million, down 11% and 13% from the prior two months. Keep in mind February has 9.7% fewer days, so the daily rate of corn use declined only modestly.Sorghum fell out of the fuel category in February, likely because it was going to export.