Corn futures will resume trading this morning at 8:30 am CST. Bulls were stuffed ahead of the Thanksgiving holiday, as the early morning strength failed to hold, with contracts closing anywhere from 1 to 1 ¾ cents lower on Wednesday. Preliminary open interest shows long liquidation, dropping 5,116 contracts on the lower futures.
The trade estimates between 700,000 MT and 1.6 MMT in corn export sales were made during the week that ended on November 16. The Export Sales report will be released here shortly after the holiday delay.
EIA’s weekly update showed ethanol production during the week that ended on November 17 averaged 1.023 million barrels per day. That was a drop of 24,000 bpd on the week. Stocks were tallied at 21.652 million barrels, a jump of 698,000 barrels since the previous Friday and the highest since late September. The bulk of the build-up was in the Gulf (572,000 barrels) implying a run for exports.
A private feed group in Taiwan purchased 65,000 MT of corn in a tender on Wednesday, expected to be US origin. A South Korean group bought 65,000 MT with either US or South American origin expected.
Dec 23 Corn closed at $4.68 3/4, down 1 1/4 cents,
Nearby Cash was $4.44, down 1/2 cent,
Mar 24 Corn closed at $4.87 3/4, down 1 1/4 cents,
May 24 Corn closed at $4.99, down 1 cent,
On the date of publication, Alan Brugler 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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