It was the second day in a row corn had a late day rally and closed higher. On Tuesday, corn was 2-3 cents higher; today corn was up 3-5 cents. Weekly ethanol production was 887,000 barrels per day compared to 921,000 barrels per day the previous week. This was the lowest production since October. The dollar index was quite a bit lower today and did break key support. That did provide support for corn prices.

Soybeans closed 3 cents lower in the nearby contracts while new crop November was up a penny and a half. May beans did trade up to $10 a bushel but then faded. Demand for beans has been solid even though South America is nearing the end of another record harvest. Soybean export sales have already reached the USDA export forecast for the entire year. In addition, most of those beans have already been shipped. There is only about 100 million bushes of beans that have been sold that have not been exported.

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