Corn at Overnight Highs into Day Session

The AM corn market is working 2 ¼ to 3 ¾ cents higher into the weekly Export Sales report. Traders will also use the Thursday session to put on WASDE related positions. Corn futures dropped on Wednesday, with 3 ¾ to 6 ¼ cent give backs across the front months on Wednesday. 

December futures delivery notices slowed to 13 contracts overnight, with a Marex customer and the ADM  house account on the receiving end. 

Pre-report estimates for corn bookings show analysts are looking for between 725k and 1.5 MMT for the week that ended 11/30. New crop sales aren’t expected to be above 25k MT. 

EIA’s weekly data showed that 1.076m barrels of ethanol were produced on average each day during the week that ended 12/1. That was a 65k barrel per day increase from the week prior. Ethanol stocks were shown 60k barrels above the week prior at 21.439 million barrels. The monthly Census data put ethanol exports at 117.09m gallons during October, which was down from the Sep record of 120m but was a 37% increase from Oct ’22. 

Census data confirmed 2.811 MMT, 110.7 mbu, of corn was shipped during October. That left the season total at 235 mbu for the first two months – 27% ahead of last year’s pace. DDGS exports were 897k MT for October, that was a 12% increase from the same month last year. 

Dec 23 Corn  closed at $4.64 3/4, down 3 3/4 cents, currently up 1/4 cent

Nearby Cash   was $4.53 7/8, down 5 3/4 cents,

Mar 24 Corn  closed at $4.84 1/4, down 6 1/4 cents, currently up 3 3/4 cents

May 24 Corn  closed at $4.95 3/4, down 6 1/4 cents, currently up 3 3/4 cents