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Corn Market Higher on Very Wet Forecast

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Corn futures are trading 4 to 5 cents higher this morning. They settled steady to 1 1/4 cents higher on Wednesday. Soil moisture models show some drying this week, which should allow for planting to pick up a little. However, 7 day accumulations of 4 to 5 inches are in the forecast for the Corn Belt. Weekly EIA ethanol production and implied corn use was the largest since the week of January 11 at 1.051 million barrels per day. Ethanol stocks were also drawn down by 218,000 barrels to 22.25 million barrels. This morning, USDA is expected to show 200,000-500,000 MT of old crop corn sales in the week of May 9, with new crop seen at 100,000-400,000 MT. --provided by Brugler Marketing & Management

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