Corn Market Lower Ahead of Export Data

Corn futures start off your Thursday steady to 1 1/2 cents per bushel lower. Corn futures finished yesterday 2 1/2 to 3 1/4 cents in the red, facing larger ethanol stocks and pessimism about export sales during Thanksgiving week. Estimates ahead of the USDA report for weekly export sales range from 500-900 thousand MT. The weekly EIA report stated ethanol plants produced 1.060 million barrels per day through the week ending 11/29. That was up 1,000 bpd from the previous week and closing out the average monthly production through November at 1.039 mbpd. Ethanol stocks rose by 362,000 barrels to 20.639 million barrels. There were 129 delivery notices against December futures overnight, with the oldest long now dated 8/28/19.

---provided by Brugler Marketing & Management

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