Corn futures are down 3 to 4 cents at midday. EIA data for the week of 11/20 was released this morning. Production ticked 28,000 bpd higher to 990,000 bpd, the largest since COVID became an issue. Stocks also rose 663,000 barrels to 20.833 million, with the Midwest and Gulf taking up a majority of that buildup. One number that jumped out was the finished motor gasoline product supplied which was down 128,000 bpd to 8.129 million, the lowest since the week of June 12. That is down 1.075 million from the week before Thanksgiving last year. Export sales for the week of 11/19 are expected to be in a range of 0.8-1.4 MMT in Friday’s report. RaboBank estimates the 20/21 Brazilian corn crop at 107.2 MMT, vs. the current USDA projection of 110 MMT.
| DEC 20 Corn closed at $4.21 3/4, down 4 cents, |
| MAR 21 Corn closed at $4.28 3/4, down 3 3/4 cents, |
| MAY 21 Corn closed at $4.31 3/4, down 4 cents |
| JUL 21 Corn closed at $4.33 1/4, down 3 1/4 cents |
--- provided by Brugler Marketing & Management
