Chicago Board of Trade (CBOT) corn futures fell for a third consecutive session on Wednesday, dropping to a five-month low ahead of the first notice day for deliveries against the March contract. CBOT May corn fell 2-1/4 cents to $3.73-3/4 per bushel. It earlier sank to $3.72-3/4, the lowest since Sept. 21.
US weekly ethanol production rose 32,000 barrels per day to 1.03 million barrels per day, according to the US Energy Information Administration on Wednesday. Weekly stocks fell 204,000 barrels to 23.71 million barrels. The US Environmental Protection Agency will probably not be able to finalize its rule allowing year-round sales of higher ethanol blends of gasoline known as E15 by summer, but could compensate by declining to enforce the current summer-time ban, Agriculture Secretary Sonny Perdue said on Wednesday.
Investors continue to watch for news on US-China trade talks on hopes that a deal could include a large grain purchase by China. US Trade Representative Robert Lighthizer said on Wednesday that it is too early to predict the outcome of the US-China trade talks.
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