Corn price action is showing fractionally mixed trade so far on Thursday morning. Futures were pushing higher into the Wednesday close, as contracts were 2 to 3 cents higher in the nearbys. Open interest was down just 848 contracts on Wednesday. The CmdtyView national average Cash Corn price was up 2 ½ cents at $4.08 3/4.
EIA data from Wednesday showed ethanol production in the week ending on January 2 slowing 22,000 barrels per day wk/wk to 1.098 million bpd. Despite the reduction in output, stocks rose 708,000 barrels to 22.652 million barrels. That came as exports were down 35,000 bpd to 113,000 bpd, though refiner inputs of ethanol were a bigger issue, dropping 117,000 bpd to 771,000 bpd. That is a seasonal pattern once the holidays roll around.
