Corn Lower After Wednesday Action

Corn futures fell by 3 to 4 cents on Wednesday. The EIA weekly report showed that ethanol production remained above 1 million bpd, at 1,014 mil bpd for the week ending 11/1. Stocks were reported at 21.874 million barrels, a build of 3.7% for the week. Traders are estimating Thursday’s USDA corn weekly export sales to range from 300,000 MT to 650,000 MT for the week ending 10/31. South Korean firms purchased 201,000 MT of corn for February delivery, optional origin. The average analyst estimation for the USDA report on Friday calls for global ending stocks of corn to be at 300.31 MMT.

DEC 19 Corn closed at $3.78 3/4, down 3 cents,

MAR 19 Corn closed at $3.87 3/4, down 4 cents,

MAY 20 Corn closed at $3.94 3/4, down 3 3/4 cents

JUL 20 Corn closed at $4.00 3/4, down 4 cents

-- provided by Brugler Marketing & Management

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