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Corn futures closed down 6 to 8 cents on Thursday amid a risk-off approach in the agricultural commodity sector. July 24 corn settled at $4.48 3/4, down 6 1/2 cents, while September 24 and December 24 corn closed at $4.57 3/4 and $4.71, down 7 1/4 and 7 3/4 cents, respectively.
The EIA reported a 49,000 barrel per day increase in ethanol production for the week ending May 24, reaching 1.068 million barrels daily. Ethanol stocks fell to 23.207 million barrels, down 1.005 million from the previous week, marking the lowest level since mid-December. Additionally, exports reached a record 212,000 barrels per day since tracking began in May.
Upcoming USDA Export Sales report is expected to reflect corn old crop sales of 0.6 to 1 million metric tons (MMT) for the week ending May 23 and new crop sales of 0 to 400,000 MMT.
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