Corn futures gave back some of the Tuesday gains, with contracts own 3 to 4 cents on Wednesday, as soon to expire December was down 6 cents. The CmdtyView national average Cash Corn price was down 3 1/2 cents at $3.99.
EIA data showed a total of 1.105 million barrels per day of ethanol production in the US during the week ending on December 5, down 21,000 bpd from the week prior’s record. Ethanol stocks pulled back just 1,000 barrels to 22.51 million barrels in that week. Refiner inputs of ethanol were down 6,000 bpd to 851,000 bpd, with exports dropping 45,000 bpd to 125,000 bpd.
NASS released their backed up Grain Crushings report this afternoon, showing September corn grind at 435.36 million bushels, down 2.66% from last year. October corn grind was also released, with 476.4 mbu of corn usage, up 2.76% vs. last year. In the first two months of the marketing year, corn used for ethanol was up 1 million bushel from last year.
Export Sales data will get another backlogged update on Thursday morning, with traders looking for 0.8-2 MMT in corn sales during the week of 11/13.
Another CFTC release on Wednesday from the week of November 10 showed corn speculators trimming another 31,993 contracts from their net short position, taking it to 39,523 contracts.
A couple South Korean importers purchased a total of 136,000 MT of corn in tenders overnight. Taiwan tendered for 65,000 MT of corn.
Dec 25 Corn closed at $4.34 3/4, down 6 cents,
Nearby Cash was $3.99, down 3 1/2 cents,
Mar 26 Corn closed at $4.44 1/4, down 3 3/4 cents,
May 26 Corn closed at $4.51 3/4, down 3 3/4 cents,
