Corn futures saw 1 to 2 cent gains in most contracts on Wednesday, despite weak ethanol data this morning. Support was from the lower dollar and higher ethanol prices, which followed crude (up 5.33% on the day). This morning’s weekly EIA report indicated ethanol production in the week of January 4 dropping another 11,000 barrels per day to 1 million bpd. That is the lowest production total since April 20 of last year. Stocks were up for the second week in a row, this time by 92,000 barrels to 23.254 million barrels. The Gulf and West Coast were the only regions to show reductions.
Mar 19 Corn closed at $3.82, up 2 cents,
May 19 Corn closed at $3.90, up 2 cents,
Jul 19 Corn closed at $3.97 1/2, up 1 3/4 cents
Sep 19 Corn closed at $4.00, up 1 1/2 cents
--provided by Brugler Marketing & Management