Corn Fades Thursday Rally

Overnight trades in corn pushed futures 2 to 3 cents lower. Yesterday, corn rallied on demand ideas, with gains of up to 5 cents. Basis continued firming, and there were some export sales reported. Preliminary open interest rose 8,761 contracts. The US dollar index continues the rally that began on January 1. From EIA data from the week ending 01/17, Ethanol stocks were 24.031 million barrels. Production averaged 1.049m bpd which was a 46,000 bpd reduction wk/wk. Estimates for Corn bookings in tomorrow’s export sales report have old crop sales at 500-950k MT for the week ending 01/16. Traders also anticipate the delayed report to show new crop sales at 100-200k MT.

--- provided by Brugler Marketing & Management

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