Corn prices are extending the rebound higher on Thursday morning, with gains of 1 to 2 cents. Futures saw a slight recovery on Wednesday, with contracts up 1 to 2 ¼ cents at the close. EIA reported a robust ethanol figure to give the bulls some steam. Open interest was up another 27,407 contracts on Wednesday. The CmdtyView national average Cash Corn price was up 2 1/2 cents at $3.85.
EIA data from Wednesday showed ethanol production rising by a massive 98,000 barrels per day week/week or 8.92% to a record (5.75% above the previous record) 1.196 million barrels per day. Ethanol stocks did see a build of 821,000 barrels to 24.473 million barrels, mainly in the Gulf (+423,000 barrels) and the East Coast (+616,000 barrels), possibly gearing up for exports. Exports were up 6,000 bpd to 119,000 bpd, as refiner inputs for ethanol were 70,000 bpd higher to 841,000 bpd.
