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Corn futures are rising on Wednesday, with gains of 1 to 1 ¼ cents. The CmdtyView national average cash corn price is now $3.55 1/4, up a penny.
Data from the EIA for the week ending August 8 indicates ethanol production at 1.093 million barrels per day, a week-over-week increase of 12,000 bpd and year-over-year increase of 21,000 bpd. Ethanol stocks fell by 1.107 million barrels to 22.649 million, the lowest level since December. Additionally, ethanol exports increased by 7,000 bpd to 123,000 bpd.
In the latest USDA Crop Production report, the national corn yield is projected at 188.8 bushels per acre, totaling production at 16.742 billion bushels. Planted acreage rose by 2.1 million to 97.3 million acres. Old crop corn stocks are estimated at 1.305 billion bushels, down 35 million from the previous month, while new crop stock is adjusted to 2.117 billion bushels.
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