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Corn futures are steady to as much as a penny higher this morning, after posting gains of 2 1/2 to 3 1/2 cents on Wednesday. Export sales estimates for the week ending July 21 range from 750,000 MT to 1.0 MMT. As expected, the Federal Reserve did not change interest rates in its meeting on Wednesday, but stated that “near-term risks to the economic outlook have diminished.” EIA ethanol production was 998,000 barrels per day during the week ending July 22 per the weekly report released early Wednesday morning. This is a grind of about 103 million bushels per week. EU corn production in 2016/17 is estimated at 62 MMT by the ag attach. That compares to the official USDA estimate of 63.831 MMT.