Corn Market 1 to 2 Cents Higher

Corn futures are 1 to 2 cents higher this morning. Futures settled 5 1/2 to 5 ¾ cents lower on Tuesday, as additional rainfall either fell or was predicted for many of the dry pockets in the Corn Belt. There was active rolling of positions out of September into December ahead of options expiration this Friday. Later on Tuesday, Poet Biofuels announced the idling of their Cloverdale plant indefinitely, citing recent EPA small refinery waivers for reduced demand. They also announced half of the Poet plants will run at reduced production. The ProFarmer Midwest Crop Tour found a Nebraska average yield of 172.55 bpa vs. 179.17 last year. The Indiana average was 161.46 bpa vs. 182.33 LY. Monday’s Crop Progress report showed condition ratings on the Brugler500 Index rising in IL (+6), IN (+2) and ND (+6). They were down 2 points in IA and 7 points lower in MO, with NE and MN deteriorating 3 points.

--- provided by Brugler Marketing & Management

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