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“Speculators were active sellers today. Ethanol production rebounded to 330 mil. gallons, up from 322 mil. the previous week and up 2.5% YOY. Production was above expectations and above the pace needed to reach the USDA corn usage est. for the first time in 15 weeks,” Mark Soderberg of ADM Investor Services said. “There was 110 mil. bu. of corn used, or 15.75 mil. bu. per day, above the 15.6 mbd needed to reach the USDA forecast of 5.550 bil. bu. Stocks rose to 24.7 mil. barrels, above expectations, however in line the YA. Thursday’s export sales are expected to range from 25-60 mil. bu. for both MYs combined.”
