Corn price action is down fractionally to 1 ½ cents so far on Thursday morning. Futures ended the Wednesday session with contracts a penny to 2 cents higher across the front months. Preliminary open interest was up 5,920 contracts on Wednesday, with some rolling out of March, down 16,212 contracts. The CmdtyView national average Cash Corn price was up 2 cents at $3.96 1/4. Some spillover support was from the rally in soybeans.
Weekly data will be out this morning, with traders looking for between 0.8-2.1 MMT in corn sold for the week ending on 1/29.
EIA data from Wednesday morning showed a total of 956,000 barrels per day of ethanol production in the week of 1/30, down 158,000 bpd from the previous week. Stocks of ethanol were down 264,000 barrels to 25.136 million barrels. Exports were up 59,000 bpd to 216,000 bpd, with refiner inputs of ethanol dropping 92,000 bpd to 791,000 bpd.
A South Korean importer purchased a total of 65,000 MT of corn in a private tender on Tuesday.
Mar 26 Corn closed at $4.29 1/2, up 1 cent, currently down 1/2 cent
Nearby Cash was $3.96 1/4, up 2 cents,
May 26 Corn closed at $4.37, up 1 1/4 cents, currently down 1/2 cent
Jul 26 Corn closed at $4.43 1/4, up 1 1/4 cents, currently down 3/4 cent
