Corn prices remain steady as of Friday morning, with futures trading 2 to 3 cents higher across most nearby contracts. The CmdtyView national average cash corn price rose by 2 1/4 cents to $3.87 3/4. Preliminary open interest decreased by 3,516 contracts, indicating some short covering.
Weekly EIA data reported ethanol production at 1.119 million barrels per day for the week ending January 16, a drop of 77,000 barrels from the previous week’s record. Ethanol stocks increased by 1.266 million barrels to 25.739 million barrels, primarily in the East Coast and Gulf regions. Ethanol exports also saw a rise, nearing a record at 218,000 barrels per day.
USDA’s Export Sales data, released this morning, estimates corn sales between 1.9 to 3.1 million metric tons for the week of January 15, with 1.828 million metric tons in announced daily sales.
