We started off the day with Chicago Fed National Activity Index (Dec) at 7:30 A.M., Markit Composite PMI Flash (Jan), Markit Manufacturing PMI Flash (Jan) and Markit Services PMI Flash (Jan) at 8:45 A.M., Export Inspections at 10:00 A.M., 3-Month & 6_Month Bill Auction at 10:30 A.M., 2-Year Note Auction at 12:00 P.M., Cold Storage and Milk Production at 2:00 P.M.
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On the Corn front, the futures ended up higher in Friday’s action. Technicians were happy to see trade above 617. Last night’s continuation rally could not be sustained and the market has turned weak. Rumors are hot that China may purchase 1 mmt of US new crop corn as a good gesture in Phase 2 of the Trade Talks. In the overnight electronic session, the March corn is currently trading at 610 ¾ which is 5 ½ cents lower The trading range has been 619 ½ to 610 ¾.
On the Ethanol front, ethanol production was up 4% from last month and 11% from last year. We should see an intensifying cash market as orders are in flow but once again we have no trade or open interest in ethanol futures.
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