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Corn use on the rise -- USDA

07/12/2011 @ 7:56am

More corn's being used for ethanol and livestock feed, and that's going to inject a bit of bullish energy into the corn market Tuesday after USDA released its monthly World Supply and Demand (WASDE) report.

"Feed and residual use for 2011/12 is raised 50 million bushels with larger supplies and lower expected prices," according to Tuesday's report. "Corn use for ethanol is raised 100 million bushels with larger supplies and an improved outlook for ethanol producer margins."

Early estimates are the numbers are bullish corn, bearish soybeans and neutral to friendly for wheat.