Corn bulls are in rally mode on Wednesday, with contracts 7 to 8 points higher ahead of the Thanksgiving break. Friday is first notice day for December futures. The CmdtyView national average Cash Corn price was up 1/4 cent at $3.88. The market will be closed on Thursday for Thanksgiving, with a hard open at 8:30 CST on Friday and an early close.
Weekly EIA data from this morning showed a total of 1.113 million barrels per day of ethanol production in the week ending on 11/21. That was a 22,000 bpd increase on the week and a near record total. Stocks of ethanol dropped 339,000 barrels to 21.968 million barrels. Ethanol exports were down 23,000 barrels per day to 122,000 bpd, with refiner inputs of ethanol down 3,000 bpd to 885,000 bpd.
Delayed CFTC data from the week of October 14 showed managed money with a net short position of 191,055 contracts in corn futures and options. That was an addition of 49,089 contracts as of that week. Commercial slashed 37,930 contracts from their net short to just 13,776 contracts, as longs were increasing.
Dec 25 Corn is at $4.30 3/4, up 7 1/4 cents,
Nearby Cash is at $3.95 1/2, up 7 1/2 cents,
Mar 26 Corn is at $4.45 3/4, up 7 1/2 cents,
May 26 Corn is at $4.53 3/4, up 7 cents,
