Corn futures are mostly 1 to 2 cents higher at midday. Ethanol production for the week of Feb 2 was shown at 1.057 million barrels per day in this morning’s EIA report. That is 17,000 bpd larger than the previous week. Stocks of ethanol were also reported higher at 23.489 million barrels, 444,000 barrels larger than the week prior. Analysts are expecting Thursday’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. On Wednesday, Taiwan purchased 55,000 MT of US corn for April-May delivery. South Korea also passed on offers for 165,000 MT of optional origin corn, noting too high of prices.

Mar 18 Corn is at $3.65 1/4, up 1 3/4 cents,

May 18 Corn is at $3.72 1/2, up 1 1/4 cents,

Jul 18 Corn is at $3.80 1/4, up 1 1/2 cents

Sep 18 Corn is at $3.86 3/4, up 1 cent

Market Commentary provided by:

Brugler Marketing & Management LLC
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