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March Corn finished down 6 1/2 at 722 1/2, 7 off the high and 2 up from the low. May Corn closed down 6 3/4 at 724. This was 1 3/4 up from the low and 7 off the high.
March corn traded lower into the closing bell as the US Dollar turned higher, but warm and dry weather conditions this week in Argentina continues to keep underlying buying support in the market. This morning's ethanol production report was considered neutral to slightly negative towards price direction after ethanol production for the week ending February 1st was reported at 774,000 barrels per day, up 0.50% vs. last week and down a whopping 16.10% vs. last year. Total ethanol production for the week was 5.42 million barrels. Corn used in last week's production is estimated at 81.3 million bushels, up modestly from 80.9 the week prior. This crop year's cumulative corn used for ethanol production for this crop year is 1.9 billion bushels. Corn use needs to average 87.3 million bushels per week to meet this crop year's USDA estimate of 4.5 billion bushels. Stocks as of February 1st were 20.1 million barrels, down 2.2% vs. last week and down 4.6% vs. last year. Implied demand, production and imports net of the change in stocks, jumped to 5.86 million barrels vs. 5 million the week prior, but still well off the 5 week high of 6.5 million.
March Rice finished up 0.05 at 16.2, equal to the high and 0.08 up from 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.