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We saw a big improvement in ethanol production in the report from EIA yesterday, said Joe Vaclavik of Standard Grain.

“It’s really moving in the right direction,” he said.

Rains in central Argentina have helped farmers as soil moisture conditions are in good shape, according to the Buenos Aires Grains Exchange. Central Argentina’s corn crop is roughly 23% planted so far.

Funds remain net long near 140,000 corn contracts as harvest slows in some areas due to rain, said Matthew Strelow of Total Farm Marketing.

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