Corn futures are trading fractionally higher on Wednesday. They are showing little reaction to last week’s record ethanol production (corn use >106 mbu for the week), as huge stocks and large US production are weighing on the market. This morning’s weekly EIA report indicated a record 1.074 million barrels per day of ethanol was produced during the week of November 17. That blew past the previous record of 1.06 million bpd, as ethanol stocks rose 400,000 barrels to 21.897 million barrels. Corn export sales during the week of 11/16 are projected to come in at 0.9 to 1.3 MMT in Friday morning’s Export sales report.

Dec 17 Corn is at $3.45 1/4, up 1/4 cent,

Mar 18 Corn is at $3.56 3/4, up 1/2 cent,

May 18 Corn is at $3.65 1/4, up 3/4 cent

Jul 18 Corn is at $3.73, up 3/4 cent

Market Commentary provided by:

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