Corn futures are showing losses of 5 to 6 cents across most contracts on Wednesday. The CmdtyView national average Cash Corn price is down 5 1/2 cents at $3.99 3/4.
Weekly EIA data from this morning showed a record ethanol production total in the week ending on November 28, totaling 1.126 million barrels per day, a 13,000 bpd increase wk/wk. Stocks of ethanol rose 543,000 barrels to 22.511 million. That came as the 48,000 bpd increase to exports (170,000 bpd) wasn’t enough to offset the increased output and 28,000 bpd drop in refiner inputs of ethanol (at 857,000 bpd).
Export Sales for the week of October 30 will be released on Thursday morning, with traders looking for 0.8-2 MMT in corn sales during that week.
CFTC data for the week of October 21 was released on Tuesday, with managed money trimming 30,070 contracts from their net short position to 160,985 contracts. Commercials were adding shorts in that week, increasing their net short by 37,087 contracts to 50,863 contracts.
A Taiwan importer has tendered for 65,000 MT of wheat, with a deadline of Thursday for offers.
Dec 25 Corn is at $4.32 1/4, down 5 3/4 cents,
Nearby Cash is at $3.99 3/4, down 5 1/2 cents,
Mar 26 Corn is at $4.44 1/2, down 5 1/2 cents,
May 26 Corn is at $4.52, down 5 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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