Corn futures ended the pre-Thanksgiving session with most contracts steady to a penny higher. They showed little reaction to last week’s record ethanol production (corn use >111 mbu for the week using a 2.84 gal/bu yield), 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, based on trade surveys.

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

Mar 18 Corn closed at $3.57, up 3/4 cent,

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

Jul 18 Corn closed at $3.73 1/4, up 1 cent

Market Commentary provided by:

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