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Corn futures gained 2 to 5 cents on October 19, 2023, with December corn closing at $4.21 ¾, up 5 cents. The CmdtyView national average cash corn price rose by 5 ¼ cents to $3.79 ¼. This comes as the average close of December futures is at $4.18, below last February’s $4.70 but higher than last year’s $4.16 harvest price.
Additionally, the EIA reported a slight increase in ethanol production for the week ending October 17, rising by 3,000 barrels per day to 1.074 million bpd. However, ethanol stocks decreased by 92,000 barrels to 22.628 million barrels. Trader estimates for corn bookings in the week of October 9 range from 0.9 to 2 million metric tons.
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