Ag markets diverged Wednesday morning

Big ethanol production may be boosting corn futures. Corn futures bounced from fresh five-month lows yesterday and remained strong overnight. Bulls were probably pleased as well by the weekly EIA report stating last week’s ethanol production at a record high (due to rising gasoline prices). July corn gained 4.0 cents to $4.4275/bushel by late Wednesday morning, while December added 1.75 cents to $4.4125.