Corn Market Recap - 1/5/2017

January 5, 2017 3:31PM CST

March Corn finished up 1 1/2 at 361 1/4, 1 1/2 off the high and 2 3/4 up from the low. May Corn closed up 1 3/4 at 367 1/2. This was 3 up from the low and 1 1/4 off the high.

March corn rallied for the 5th session in a row and pushed up to the highest level since December 1th. Positive news on ethanol production, a sharp break in the dollar and continued talk that fund traders could be active buyers ahead helped to support. Taiwan bought 65,000 tonnes of US corn. Ethanol production for the week ending December 30th averaged 1.043 million barrels per day. This is up 1.5% vs. last week and up 4.7% vs. last year. Total Ethanol production for the week was a new record high 7.301 million barrels. Corn used in last week's production is estimated at 109.5 million bushels. Corn use needs to average 99.5 million bushels per week to meet the USDA estimate. Iowa ethanol plants have seen profitable margins for 38 weeks in a row. Stocks were 18.678 million barrels, down 0.03% vs. last week and down 11.5% vs. last year. For the weekly export sales report, traders see corn sales near 650,000-950,000 tonnes.

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