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March Corn finished down 9 at 680 1/4, 12 off the high and 3/4 up from the low. May Corn closed down 10 1/4 at 680 3/4. This was 1/2 up from the low and 13 1/4 off the high.
March corn traded sharply lower on the day and December 2013 corn traded down 16 cents on the day. The disappointing demand data continues in the corn market with net weekly export sales coming in at 49,100 tonnes for the current marketing year, down from 104,300 last week. As of December 27th, cumulative sales stand at 44% of the USDA forecast vs. a 5 year average of 56%. Sales of 464,000 tonnes are needed each week to reach the USDA forecast. The ethanol production report was considered bearish by most with production for the week ending December 28th coming in at 807,000 barrels per day, down 3.2% vs. last week and down 16.2% vs. last year. Total ethanol production for the week was 5.7 million barrels. Corn used in last week's production is estimated at 84.7 million bushels, down from 87.6 last week. This crop year's cumulative corn used for ethanol production is 1.45 billion bushels. Corn use needs to average 86.7 million bushels per week to meet this crop year's USDA estimate of 4.5 billion bushels. Stocks as of December 28th were 20.2 million barrels. This is down 0.50% vs. last week and up 12.6% vs. last year.
January Rice finished up 0.25 at 15.03, equal to the high and equal to the low.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.