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Corn futures closed Wednesday trade 1 to 2 cents lower, after losing 5 3/4 to 7 3/4 on Tuesday. Dec corn ($3.67 1/2) closed 19% lower from its most recent high on July 14 ($4.54 1/4). The weekly EIA report this morning showed ethanol production slowed by 4,000 barrels per day (bpd) to 948,000 bpd during the week ending August 28. That is the slowest production rate since the week ending May 8. Ethanol stocks increased by 400,000 barrels from last week to 19 million barrels, the largest stockpile in a month. Trade estimates for the Thursday morning USDA Export Sales report range from 500,000 MT to 1.05 MMT. Farm Futures hosted a survey that states that US farmers intend to plant 89.65 million acres of corn in 2016.
Sep 15 Corn closed at $3.54, down 2 cents,
Dec 15 Corn closed at $3.67 1/2, down 1 1/2 cents,