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Corn futures closed mostly 8 cents lower, adding to losses seen Tuesday. Ukrainian corn is reportedly being offered into the market at $206/MT FOB, which is below current US values, and the strengthening USD added pressure to US prices. According to the weekly report from the EIA, ethanol production rose another 1,000 barrels/day to 979K, which is still below the record setting pace seen in mid-December. Ethanol stocks rose marginally on the week, coming in at 20.39 million barrels versus the prior week’s 20.23 million, but are nearly 18% more than they were a year ago. Most of the growth was on the East Coast. All types of fertilizers are edging higher and producer purchases are slow, whether because of indecision about what to plant, or the simple fact that prices are above a year ago while the price of crude oil is drastically lower.
Mar 15 Corn closed at $3.73 1/4, down 8 cents,
May 15 Corn closed at $3.81 1/2, down 8 1/4 cents,