Trading will resume this morning at 8:30 CST for an abbreviated session. US corn Export sales for the week of 11/19 are expected to be in a range of 0.8-1.4 MMT. That report is due out at 7:30 CST. Corn futures ended Wednesday with 5 ¼ to 5 ¾ cent losses in the front months. There was some long liquidation ahead of the holiday, with preliminary open interest dropping 32,697 contracts. Dalian futures were higher on Thursday, but still down 1.7% since the US election, at $9.98/bushel. EIA data for the week of 11/20 showed ethanol production 28,000 bpd higher than the previous week at 990,000 bpd, the largest since BC (Before COVID). Stocks also rose 663,000 barrels to 20.833 million. Finished motor gasoline product supplied (approximating use) 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. The IGC echoed recent USDA cuts to world production, cutting its estimate 10 MMT while also doubling projected Chinese imports.
--- provided by Brugler Marketing & Management
