Corn Rises on Record Ethanol Output as Soybeans Slip

Overview

• Corn futures closed up 2 to 4.5 cents as EIA reported a weekly ethanol grind at 1.131 million barrels per day, a record level accompanied by a drawdown in ethanol stocks.
• USDA confirmed a private sale of 177,055 metric tons of U.S. corn to Mexico, while a South Korean buyer booked 268,000 metric tons in an overnight tender.
• Soybean futures finished 3 to 4.5 cents lower despite USDA reporting 198,000 metric tons sold to China and 125,000 metric tons to unknown destinations.
• Delayed CFTC data showed funds flipped to a net long in corn by December 2 after short covering, while managed money’s soybean net long edged higher to about 215,000 contracts.
• China’s state stockpiler continued soybean auctions and Brazil’s exporter group ANEC raised December soybean shipment estimates to 3.57 million tons, as the EPA’s RVO timeline slipped into early next year.