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Corn futures experienced losses of 2 to 3 cents on Wednesday, with the nearby cash price dropping 3.5 cents to $4.02 1/4. The USDA announced a private export sale of 125,000 metric tons of corn to unknown destinations. The Export Sales data for the week ending February 26 is expected to show old crop corn sales between 0.6 and 1.6 million metric tons, while new crop business is estimated at 0 to 100,000 metric tons.
Ethanol production, as reported by the EIA, decreased to 1.095 million barrels per day for the week ending February 27, down 18,000 bpd from the previous week. Ethanol stocks increased by 691,000 barrels to a total of 26.337 million barrels, with exports rising to 217,000 bpd.
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