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Corn Market Up 2 to 3 Cents Overnight

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Corn prices are 2 to 3 cents higher ahead of the Export Sales report release. Analysts expect USDA to show between 0.6 and 1.2 MMT of corn sales in the weekly Export Sales report. At the close on Thursday, corn futures were 3 to 7 1/4 cents higher and all 2020/21 crop contracts closed above the $4 threshold. Big new buying was seen in March, with preliminary OI for all corn contracts up 20,341 contracts for the day (13,634 in March). Corn prices on the Dalian Grains Exchange closed the 14th at 2,553 yuan/MT (~$9.64/bu). That was an all time high on the front month continuation. EIA data showed increased ethanol production/corn use and larger ethanol stocks for the week ending 10/9. Production was up 1.5% wk/wk to 937k bpd, and stocks were 1.7% higher to 20 million barrels. Regionally, stocks were down in the Midwest, but not enough to compensate for a 506k barrel increase to Gulf stocks.

--- provided by Brugler Marketing & Management

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