Corn futures are steady to fractionally higher at midday. This morning’s EIA report showed ethanol production for the week of Jan 5 at just 996,000 barrels per day. That was a drop of 36,000 bpd from the previous week, as weekly production fell 94,000 bpd in the past two reports. Spot ethanol futures are steeply discounted vs. gasoline due to excess inventory. Stocks of ethanol at the end of that week rose 100,000 barrels to 22.719 million barrels. Traders are estimating the USDA will show 350,000-650,00 MT in old crop export sales for the week of Jan 4. That would be an increase over last week’s MY low of 101,198 MT. Ahead of Friday’s quarterly grain stocks report, analysts are expecting US corn stocks on December 1 to tally 12.429 billion bushels, slightly larger than a year ago.

Mar 18 Corn is at $3.49 1/4, up 1/4 cent,

May 18 Corn is at $3.57 1/4, unch ,

Jul 18 Corn is at $3.65 1/2, unch ,

Sep 18 Corn is at $3.73 1/4, down 1/4 cent

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