Corn Fractionally Higher Ahead of USDA Export Sales

Corn futures are fractionally higher ahead of the weekly Export Sales report, after sliding another 3 to 4 cents on Wednesday. Preliminary open interest rose 3,248 contracts. 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 this afternoon’s USDA corn weekly export sales to range from 300,000 MT to 650,000 MT for the week ending 10/31. The average analyst estimation for the USDA report on Friday calls for global ending stocks of corn to be at 300.31 MMT.

-- provided by Brugler Marketing & Management

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