Corn Gets a Midweek Bounce as Ethanol Output Booms to Record

Group 1 - Corn futures experienced a slight recovery, with contracts increasing by 1 to 2 ¼ cents at the close, and the national average Cash Corn price rose by 2 ½ cents to $3.85 [1] - The EIA reported a significant increase in ethanol production, which surged by 98,000 barrels per day week-over-week, marking an 8.92% rise to a record 1.196 million barrels per day, exceeding the previous record by 5.75% [2] - Ethanol stocks increased by 821,000 barrels to 24.473 million barrels, with notable builds in the Gulf and East Coast regions, indicating preparations for potential exports [2] Group 2 - South Korean importers purchased a total of 402,000 MT of corn, with a confirmed private export sale of 136,000 MT from the US to South Korea [3] - The USDA Export Sales data is anticipated to show corn sales between 0.6 to 1.4 MMT for the week of January 8 [3] - The Rosario Grains Exchange has revised its estimate for the Argentina corn crop to 62 MMT, reflecting a 1 MMT increase from the previous estimate [3] Group 3 - March 26 Corn closed at $4.22, up 2 ¼ cents, while Nearby Cash was at $3.84, up 2 ½ cents; May 26 Corn closed at $4.29 ¾, up 2 cents, and July 26 Corn closed at $4.36, up 1 ½ cents [4]