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Corn futures are trading steady at midday. Weekly ethanol production was 5K barrels per day lower than the previous week, coming in at 954K bpd. Stocks of ethanol were up 700,000 at 18.6 million barrels after being surprisingly low last week. This looks like catch up. Trader talk is that South Africa raised its estimate for corn production this season by 0.9% to 14.02MMT. The head of Ukraine’s state weather forecasting center stated that Ukrainian corn production could decline by 6% to 29MMT this year because of military conflicts in eastern areas of the country.