Corn Futures Market News and Commentary
Corn futures are 1 to 2 cents higher ahead of this week’s USDA Export Sales report. Yesterday, corn prices offset some early week selling and closed 2 to 4 1/4 cents higher. There was a little short covering, with preliminary open interest dropping 3,492 contracts. WTD prices are still down double digits. Export Sales estimates ahead of the weekly update look for between 0.8 and 1.6 MMT of corn bookings. South Korea purchased 65,000 MT of optional origin corn in a tender. Official Brazilian corn exports were 4.9 MMT in November. That was up from 4.11 MMT in Nov ’19. EIA’s weekly ethanol production report showed producers averaged 974k bpd on the week ending 11/27. Ethanol stocks rose to 21.240 million as gasoline consumption is being slowed by COVID restrictions.
--- provided by Brugler Marketing & Management