Corn Seller’s Market In Cash Buyers In Futures. The Corn & Ethanol Report

We started off the day with MBA Mortgage Applications (13/NOV), and MBA 30-Year Mortgage Rate (13/NOV) at 6:00 A.M., Housing Starts & Permits (OCT) and Housing Starts & Permits MoM (OCT) at 7:30 A.M., Fed Evans Speech at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., 105-Day Bill & 154-Day Bill Auction at 10:30 A.M. Fed Williams Speech at 11:15 A.M., 20-Year Bond Auction at 12:00 P.M., Fed Bullard Speech at 12:20 P.M., Dairy Product Sales & Milk Production at 2:00 P.M., and Fed Bostic Speech at 6:00 P.M.

On the Hurricane Front Tropical Depression Iota battered portions of Central America, Flash flooding, river flooding and mudslides are expected in portions of Honduras, Nicaragua, and Guatemala and could be exacerbated by saturated soils in place, which could lead to more catastrophic impacts. And at the moment everything looks quiet on the Atlantic with nothing on the radar.

On the Corn Front, the whispers in the market is more U.S. demand for corn exports which had the market close higher yesterday. We also saw funds buy 3,000 corn yesterday and should put the guesstimate at net-long 250,000 contracts. The CFTC commitment of traders showed funds less long than expected. The USDA announced 197(mt) of U.S. corn to Mexico with no new sales to China but they are trying to make a market. They will eventually have to purchase from the U.S. market. The Ukraine feeders have asked for export quota’s while Russia domestic corn prices are at a record high. That should tell us supplies are tight going into 2021and we will be watching events unfold in Ukraine and South America and before you know it, will be talking U.S. plantings. There is one thing we will need in 2021 to get the crop in front of us, and that would be good weather. There is plenty of time to ponder that one. In the overnight electronic session, the December corn is currently trading at 522 ¾ which is 2 ½ cents higher. The trading range has been 422 ¾ to 418 ½.

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