Corn Market News and Commentary

Corn futures are trading fractionally lower this morning. They closed Wednesday steady to a penny lower, following disappointing ethanol production data. Spreads continue to allocate supply over time. The weekly EIA report showed production at 967,000 barrels per day in the week of February 1, which was down 45,000 bpd from the previous week. That was the lowest production (and implied corn use) since the week of October 6, 2017. Stocks of ethanol were down that week, but only by 33,000 barrels to 23.947 million barrels, as the Gulf was the only regions to show a wk/wk reduction. November US corn exports were finally confirmed at 5.105 MMT (200.96 mbu), which was down from October but nearly double that month in 2017.

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