Corn futures are currently fractionally higher after also ending the Wednesday session within 1/2 cent of UNCH. Wednesday morning’s EIA report showed ethanol production for the week of Jan 5 at just 996,000 barrels per day. Spot ethanol futures are steeply discounted vs. gasoline due to excess inventory. Stocks of ethanol at the end of that week rose 100,000 barrels to 22.719 million barrels. Traders are estimating the USDA will show 350,000-650,00 MT in old crop export sales for the week of Jan 4. That would be an increase over last week’s MY low of 101,198 MT. Ahead of Friday’s USDA reports, analysts are expecting 17/18 world ending stocks to be trimmed nearly 1.5 MMT to 202.6 MMT.

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