Corn Bulls Continue Back to Push Higher on Thursday Morning

Corn price action is steady to up 1 ¾ cents so far. Futures posted gains of 2 to 4 ½ cents on Wednesday. Preliminary open interest was up 2,852 contracts. Demand continues to be solid, with record ethanol and exports. The CmdtyView national average Cash Corn price as up 4 cents to $3.96 3/4. 

Export Sales data will be updated for the week of 11/27 this morning, with traders looking for between 1-2 MMT of corn sales. 

EIA data from Wednesday showed another record ethanol corn grind for the week ending on December 12, up 26,000 barrels per day week/week to 1.131 million bpd. Despite the increased output, stocks saw a draw of 157,000 barrels to 22.353 million barrels. That came as ethanol exports were up 66,000 bpd to 191,000 bpd, with refiner inputs of ethanol rising 55,000 barrels per day from the week prior to 906,000 bpd.

Commitment of Traders data, now as of December 2, showed spec funds adding back 34,142 contracts to the long side in that week, mainly on short covering. That flipped their net position to long in corn futures and options to 23,270 contracts as of that date

Brazil’s December corn exports are estimated to total 6.35 MMT according to ANEC, a 0.05 MMT increase from the week prior.

Mar 26 Corn  closed at $4.40 1/2, up 4 cents, currently up 1 3/4 cents

Nearby Cash  was $3.96 3/4, up 4 cents,

May 26 Corn  closed at $4.47 3/4, up 3 1/4 cents, currently up 1 1/2 cents

Jul 26 Corn  closed at $4.53 1/2, up 2 1/2 cents, currently up 1 1/4 cents