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Corn futures are trading slightly higher, with September contracts at $3.99 1/4, up 1 ½ cents, and cash corn prices steady at $3.74. This follows a report indicating that 6.224 million metric tons (MMT) of corn were shipped in July, marking a 16.82% increase from the previous year and the second largest total for that month on record.
Weekly ethanol production data shows 1.075 million barrels per day for the week of August 29, a 5,000 bpd increase from the prior week, with stocks rising to 22.564 million barrels. Distillers’ exports reached 1.058 MMT in July, up 15.32% from June, whereas ethanol exports were at 164.38 million gallons, a 27.97% increase from last year.
According to Argus Media, the Ukrainian corn crop is estimated at 31.3 MMT, a 4.4 MMT increase from last year if realized.
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