December corn is trading sharply higher midday on support from a surging wheat market. Corn began the day with a subdued tone as harvest picks up pace and domestic basis weakens. The USDA announced that private exporters sold 217,424 tonnes of US corn to an unknown destination this morning. The shipment periods for the sale included the 2012/13 and 2013/14 marketing years. In addition, ethanol production for the week ending August 31 averaged 829,000 barrels per day. This is up 1.2% vs. last week and down 7.50% vs. last year. Total ethanol production for the week was 5.80 million barrels vs. 5.73 last week. Corn used in last week's production is estimated at 88.3 million bushels which was up over a million bushels from the week prior. This crop year's cumulative corn used for ethanol production for this crop year is 4.96 billion bushels which falls just short of the 2011/12 USDA estimate. Stocks as of August 31 were 18.73 million barrels. This is up 1.30% vs. last week and up 9.70% vs. last year.
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