The cash markets showed mixed movements this week.
On average corn gained 2 1/2 cents, for a fifth consecutive week of gains. Ethanol plants saw positive movement as well up 2 1/4 cents per bushel. China is aiming to produce 4 million tonnes of ethanol by 2020, doubling output from the current level, even as it keeps tight control over the use of food grains, a government plan showed on Monday. Corn along the river was the leader to the upside this week up 5 1/4 cents. Corn exports were notably good this week coming in 400,000 MT above expectations at 1,495,000 MT.
Soybeans were off 1/2 cent this week, continuing to fluctuate from week to week. Crush facilities were off as well losing an average of 1 1/2 cents per bushel. Beans along the river were the leader to the downside, off 1 3/4 cents. Although cash markets have dropped, foreign demand for soybeans remains strong and has provided some support to the bean market.
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