After the Friday big break lower corn futures are a modest 1 to 3 cents lower this morning. On the last trade day of last week prices had declined 4.1 to 4.5%. Open Interest figures showed long liquidation, dropping 16,234 contracts on the day. After the close on Friday, the Commitment of Traders report showed a 61,985 contract decrease in managed money OI, and a 83,217 contract increase in commercial OI. That left managed money funds 25,219 contracts less net long (@ 349,495), and commercials 10,423 contracts less net short (@ 763,953) for the week ending 1/19. Ethanol production was 4k bpd higher to 945k bpd and stocks shrank by 64k barrels to 23.628 million. Corn export bookings were reported at 1.437 MMT via the weekly Export Sales release.
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