EIA data will be released on Wednesday morning. Most market participants expect to see a decline in ethanol production for the week ending January 30.

NASS released its monthly Grain Crushings report on Monday afternoon, showing corn usage for ethanol in December at 488.26 million bushels. This was a record high for the month of December and 5.1 percent higher than the same period last month. In the current marketing year so far, corn used for ethanol production has totaled 1.863 billion bushels, which is 1.1 million bushels higher than the same period last year.

A South Korean importer purchased a total of 134,000 metric tons of corn in an overnight tender.