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Corn Down 1 as of 7:45
May corn closed the day Wednesday down 6 cents, The December futures contract closed down 4 ¾ cents. Ethanol numbers released mid-morning yesterday put ethanol production down 7 thousand barrels per day to 987 thousand, which marks the 3rd week in a row that production was below 1 million barrels per day. Ethanol stocks were increased to 23.3 million barrels from 23.0 million barrels. The 14 day forecast shows rain up to 7 inches across Arkansas, Missouri, and parts of southern Illinois.
Beans Down 3 as of 7:45
May beans closed down 8 ¾ cents on the day yesterday, November beans closed down 7 ¾ cents. As we move further along into the spring wheat and corn planting timeframe, we have battled some colder and wetter weather conditions that has some traders wondering just how many corn and wheat acres may be shifted into beans once machines start to hit the fields again.
Wheat Minneapolis Up 3 and Kansas city Up 2 as of 7:45
May Minneapolis Spring Wheat closed the day down 6 ¼ cents yesterday and Kansas city winter wheat closed down 1/2 cent. Heavy rains in Arkansas and southern Missouri are expected to be followed by more moisture over the weekend and possibly inflict damage on wheat crops as far north as Southern Illinois. Kansas experienced subfreezing temps Wednesday and the forecast calls for cold temperatures into Monday. Snow in the Northern Plains continues to delay spring wheat plantings further, and western Canada will most likely not get a good start on wheat plantings for a while.