Corn Starting Friday with Modest Gains

Corn is trading with Friday AM gains of 2 to 3 1/2 cents, bouncing from the weakness on Thursday. Futures settled Thursday near the session lows, as contracts were down 4 ¼ to 7 ½ cents on the day, failing to catch many buyers. Open interest was up 9,427 contracts, as December OI dropped 37,419 contracts as the roll continues, with March up 36,890. The CmdtyView national average Cash Corn price was down 6 cents at $4.09 1/4. 

EIA’s weekly update showed ethanol production at a total of 1.13 million barrels per day in the week of 11/6, a 13,000 bpd drop from the week prior. Ethanol stocks were down 89,000 barrels to 24.345 million barrels. Refiner inputs of ethanol were down 11,000 barrels per day on the week to 888,000 bpd, with ethanol export dropping back 7,000 bpd in that week to 140,000 bpd.

Export Sales data will be pushed back to this morning due to the Wednesday Veterans Day federal holiday. Traders surveyed by Reuters showed estimates for a total of 2-3 MMT of 2026/27 corn in the week ending on 11/5. Sales for 2027/28 are seen in a range of 600,000-800,000 MT.

CONAB left their estimate for Brazil corn production at 148 MMT this morning, with first crop left at 32.1 MMT and second crop at 113.3 MMT.

Dec 26 Corn  closed at $4.42 1/2, down 5 1/2 cents, currently up 3 1/2 cents

Nearby Cash  was $4.09 1/4, down 6 cents,

Mar 27 Corn  closed at $4.54 3/4, down 5 1/2 cents, currently up 3 1/4 cents

May 27 Corn  closed at $4.62 3/4, down 5 1/2 cents, currently up 2 1/2 cents

Dec 27 Corn  closed at $4.78 1/2, down 7 1/2 cents, currently up 2 cents

New Crop Cash  was $4.40 3/8, down 9 cents,