Corn futures are currently down 2 to 3 cents at midday. This week’s EIA report indicated that 1.058 million barrels per day of ethanol was produced in the week that ended 5/11. That was 18,000 bpd more than the previous week and the largest weekly production (and implied corn consumption) total since mid-February. Stocks of ethanol were reported at 21.505 million barrels, down 459,000 barrels from the previous week with both Coasts shrinking stocks. The news channels show little apparent progress on the NAFTA negotiations.

Jul 18 Corn is at $3.99 1/4, down 3 cents,

Sep 18 Corn is at $4.07 1/2, down 3 cents,

Dec 18 Corn is at $4.16 3/4, down 2 1/2 cents

Mar 19 Corn is at $4.25 1/4, down 2 cents

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