Corn futures are 2 1/4 to 2 1/2 cents lower at midday, after showing gains earlier in the session. The weekly EIA ethanol report showed average daily ethanol production for the week of June 9 at 1.002 million barrels per day (bpd). That is up 3,000 bpd over last week, with an estimated 105.2 million bushels of corn being used during the week. Ethanol stocks rose 560,000 barrels to 22.542 million barrels, as the Midwest was the only region to see shrinking stocks. Private analysts in China has estimated that 22.8 MMT of corn from state reserves has been sold since May, with this week’s projected amount around 3.5.

Jul 17 Corn is at $3.78 1/2, down 2 1/2 cents,

Sep 17 Corn is at $3.86 1/4, down 2 1/4 cents,

Dec 17 Corn is at $3.96 1/2, down 2 1/2 cents

Mar 18 Corn is at $4.06, down 2 1/4 cents

Market Commentary provided by:

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