Corn futures saw a slight recovery on Wednesday, with contracts up 1 to 2 ¼ cents at the close. EIA reported a robust ethanol figure to give the bulls some steam. The CmdtyView national average Cash Corn price was up 2 1/2 cents at $3.85.
EIA data from this morning showed ethanol production exploding 98,000 barrels per day week/week or 8.92% to a record (5.75% above the previous record) 1.196 million barrels per day. Ethanol stocks did seen a build of 821,000 barrels to 24.473 million barrels, mainly in the Gulf (+423,000 barrels) and the East Coast (+616,000 barrels), possibly gearing up for exports. Exports were up 6,000 bpd to 119,000 bpd, as refiner inputs for ethanol were 70,000 bpd higher to 841,000 bpd.
