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Source: Farmdoc news release

Since early October, March 2017 corn futures prices fluctuated in a price range between $3.40 and $3.70.

The USDA's WASDE report released on January 12 presented a mixed signal on corn consumption forecasts with a reduction of 50 million bushels in feed and residual use and an increase in corn used for ethanol by 25 million bushels for the 2016-17 marketing year.

The export forecast remained unchanged.

Corn prices reflected this information with a moderate response to the 78 million bushel reduction in production reflected in the Crop Production report released on the same day.

The current pace of corn consumption indicates corn prices may stay in the price range from $3.40 - $3.70 for the next several weeks.

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