Corn futures are fractionally mixed this morning. That follows 2 1/2 to 5 cent gains from the Wednesday session. National average basis is the strongest in three months, and spreads have narrowed. Preliminary open interest shows net new futures and options buying to the tune of 29,982 contracts. Analysts are expecting the Export Sales report to show between 0.8-1.4 MMT of corn bookings for the week ending October 15. Yesterday, EIA’s weekly report confirmed ethanol production for the week ending 10/16 averaged 913,000 barrels per day. That was down 24k bpd wk/wk and 83k bpd below the same week last year. The ethanol stocks dropped 19.721 million barrels. U.S. Grains Council reported the FOB gulf price for ethanol was 2.7% higher on the week at $1.594/gal. Port Santos FOB price was $1.746/gal from Brazil.
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