Trade rumors that China may be looking to boost strategic corn reserves by 20 million tonnes triggered a sharp rally today, and although there were conflicting reports as to the credibility of the information, the higher close today confirmed yesterday’s technical reversal and suggests a lack of enthusiasm for shorts to push a $2 handle at this time. Yesterday’s low in May’20 corn futures was $3.01 per bushel. Ethanol output steadied to 563,000 barrels per day, a smaller decline than expected and better than the last two weeks’ terrible numbers, but still is a decline from a year ago of nearly 50%. DTN’s national corn basis index continues to gently firm and was posted at -26 cents today, up 2 cents/bu in the last two weeks and closed at its highest level since March 31st.