Corn closed up 2-4 cents. Pretty small recovery given the big losses recently. We need to see follow through, but we did have a potential hook reversal on the charts today. The Energy Information Administration reported ethanol production last week increased to 969,000 barrels per day. Even with the increased production, ethanol stocks dropped by 300,000 barrels. The International Grains Council released some interesting numbers today. They projected world production this year at 961 MMT, whereas last year world corn production was at 984 MMT. Corn use is projected at 974 MMT.

Soybeans closed slightly lower, losing 1-4 cents a bushel. Beans were higher early in the day session but could not hold. The International Grains Council projected world soybean production this year at 52 MMT, which is up 4 MMT. This was a reminder to the market that soybean stocks and carryover will be increasing this year.

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