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Corn futures posted losses of more than a dime on Wednesday, as forecasted rains ease dryness concerns. The Dec16 contract posted its lowest daily close since May 9, and is down 15% from its June 17th high. The USDA will release its Grain Stocks and Acreage reports tomorrow at 11 AM CDT. The average expectation for June 1 US corn stocks sits at 4.52 billion bushels per a Bloomberg survey, virtually unchanged versus June 1, 2015. Ethanol production reached 1.003 million barrels per day during the week ending June 24, according to the weekly EIA report this morning. The weekly production rate was up 41,000 barrels per day from the previous week. Ethanol stocks as of last Friday were up just 100,000 barrels from the Friday before to 21.2 million barrels. Ports on the West Coast imported 26,000 barrels per day, the region’s first imports since the week ending December 11. Ahead of tomorrow’s weekly Export Sales report, export sales estimates for the week ending June 23 span from 700,000 MT to 1.0 MMT for old crop corn, and from 300,000 to 450,000 MT for new crop.
Jul 16 Corn settled at $3.72 3/4, down 12 1/2 cents,
Sep 16 Corn settled at $3.77 3/4, down 11 cents,
Dec 16 Corn settled at $3.83, down 11 1/4 cents
Mar 17 Corn settled at $3.90 1/4, down 10 1/2 cents