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Corn futures closed around 4 to 5 cents higher on the day. Strength in the wheat markets stemming from the Russia/Ukraine tensions brought some support to the price of corn futures. Trade estimates for weekly export sales were in the 700,000 to 950,000 MT range, with nearly all of it expected to be new crop since the marketing year ends August 31. USDA reported net weekly new crop sales of 695,600 MT for the reporting week. Old crop cancellations were -32,700 MT. New crop bookings have averaged more than 750 TMT per week since the week ending July 3. Ethanol production was down significantly this week, hitting a 14 week low, and production slipped 2.56%, down to 913 thousand barrels per day. The national average cash corn price on Wednesday was $3.39; in the middle of the range it has been in since about July 21.