March corn was down 2 1/4 cents late in the overnight session with a small range overnight. The market consolidated recent gains overnight, as traders monitored the situation in Egypt which has been bringing increased uncertainty for the entire region. The market remains in a technical uptrend, and traders see the rise in open interest to near record highs as a positive indicator. Talk of tightening old crop supply and uncertainty as to whether the market will see high enough planted area and high enough yields to ease the tightness next year has helped support the uptrend. March corn closed higher on the session yesterday and into new contract highs, but the close was close to 5 cents off of the peak. The market posted a new contract high of 674 1/2. The surge higher in wheat, more agriculture-related buying from fund traders and talk of increased feed demand due to the storms helped support the market early. News of worsening political situation in Egypt plus the firming tone for the US dollar helped spark some selling that sent the market to lower on the day. Ethanol production for the week ending January 28th averaged 908,000 barrels per day. This was down 1.5% from last week but up 11.00% form last year. In the recent supply/demand report, the USDA pegged corn usage for ethanol at 4.9 billion bushels for the year, which was up 7.3% from last year. Corn used in last week's production is estimated at 95.34 million bushels, compared with 94.45 million bushels needed per week to meet the USDA estimate for the crop marketing year. Ethanol stocks were 18.89 million barrels, down 0.77% from last week and up 6.12% from last year. Traders see weekly export sales totals, to be release before the open today, at around 575,000 tonnes, compared to 547,600 tonnes last week and an average of 670,200 tonnes of old crop sales needed each week to reach the USDA forecast for the season.