Corn

Corn futures are currently fractionally higher after closing the Wednesday session with fractional to 1 3/4 cent gains. EIA Ethanol production for the week of Feb 2 averaged 1.057 million barrels per day. That is 17,000 bpd larger than the previous week. Ethanol stocks rose 23.489 million barrels, 444,000 barrels larger than the week prior. Analysts are expecting this morning’s Export Sales report to show 1.3-1.8 MMT in old crop corn sales for the week that ended Feb 1, with 0-100,000 MT seen for new crop. Very little change is expected in the US ending stocks figure in this morning’s WASDE report. The US officially exported 3.564 MMT of corn during December, down 9.47% from the December 2016 but 37.36% larger than November. On Wednesday, Taiwan purchased 55,000 MT of US corn for April-May delivery. South Korea passed on offers for 165,000 MT of optional origin corn, because in their opinion prices were too high.




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