Corn Advances on Export Strength and Record Ethanol Grind as Soybeans Slip on Soft Sales

Overview

• Corn futures gained 3 to 4.5 cents on Thursday, lifting the national cash average to $3.99 1/2.
• USDA reported 1.792 MMT of corn sales for the week of November 27, near the high end of estimates and 3.5% above the same week last year.
• EIA data showed a record ethanol corn grind at 1.131 million barrels per day for the week ending December 12, alongside a stocks draw and higher exports and refinery inputs.
• Soybean futures fell 4 to 5 1/4 cents, as weekly sales totaled 1.106 MMT for November 27, down 52.3% from the prior week despite a private 114,000 MT sale to unknown destinations.
• CFTC data through December 2 indicated funds added 34,142 corn contracts to the long side to turn net long, while soybean managed money added a modest 1,137 contracts.