Overnight trading left corn futures 2 to 4 cents lower to start the midweek session. At the settle yesterday, old crop corn was 5 1/2 to 6 1/4 cents lower.  Long liquidation was noted, with preliminary OI down 15,587 contracts in March. Later months showed net new selling. New crop futures were fractionally weaker. The national average new crop basis from cmdtyView was 30.4 cents under December compared to minus 21.1 cents for spot. EIA will release ethanol production figures for the week ending 1/29. Brazil’s official export data showed 2.55 MMT of corn were shipped in Jan. That was 450k MT above Jan’s shipments in 2020.

--- provided by Brugler Marketing & Management