Corn futures ended the Wednesday session with most nearby contracts fractionally to 1 1/4 cents lower. This morning’s EIA report showed another record week of ethanol production. It indicated that 1.108 million barrels per day was produced during the week of 12/1. That was 42,000 bpd larger than the previous week, as stocks also increased 500,000 barrels to 22.544 million barrels. US corn exports during the month of October totaled 2.725 MMT, with 1.15 MMT going to Mexico. That was 24.7% lower than last October and down 22.7% from September. Census data also shows 93.6 million gallons of ethanol shipped during October, 8% larger than September. Expectations ahead of the weekly Export Sales report are running 0.8 to 1.2 MMT for 17/18 corn sales. The Stats Canada report on Wednesday showed the country’s 2017 corn production at 14.095 MMT, which was near most expectations and 6.8% larger than last year.
Dec 17 Corn closed at $3.39 1/4, down 1/2 cent,
Mar 18 Corn closed at $3.52 3/4, down 1 cent,
May 18 Corn closed at $3.61, down 1 1/4 cents
Jul 18 Corn closed at $3.69 1/4, down 1 1/4 cents