Despite sharply lower trade in wheat, corn and soybeans recovered from midday losses to close in the green, up about 3 cents in corn and 5 cents in beans. Wheat firmed into the close but settled down about 7 cents in KC and Minneapolis and down 9 1/2 cents in Chicago. Beneficial rains are forecast for key areas in France, Russia, and Ukraine.

Ethanol output continues to slow but ethanol stocks declined week over week, suggesting some equilibrium may be at hand. Additionally, ethanol margins have improved this week to slightly positive. Corn posted a new low for the week but reversed to close higher on the day, near the top end of the day’s trading range, and above yesterday’s high.

Tomorrow is first notice day on May grain contracts.