More Corn & Soybean Sales Expected & Vaccine News Getting Better. The Corn & Ethanol Report

We started off the day with U.S. Fed National Activity Index (OCT) ay 7:30 A.M., Markit Composite PMI Flash (NOV), Markit Manufacturing PMI Flash (NOV), and Markit Services PMI Flash (NOV) at 8:45 A.M., Export Inspections at 10:00 A.M., 2-Year Note and g-Month Bill Auction at 10:30 A.M., Fed Daly Speech, 3-Month Bill and 5-Year Note Auction at 12:00 P.M., Cold Storage Report and Fed Evans Speech at 2:00 P.M., and Crop Progress at 3:00 P.M.

On the Hurricane Front, a Disturbance did pop up over the western Atlantic, generally between Bermuda and the Bahamas. It could briefly acquire subtropical characteristics while it moves northwestward during the next day or two before it merges with a cold front. The system may have a second opportunity to develop subtropical characteristics if it becomes separated from the front and meanders over the central Atlantic.

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On the Corn Front, we are closing in on First Notice Day on all December contracts next Monday. This Thanksgiving week may be an interesting one at that with the export market. As we close in on the last of harvesting funds and speculators have maintained heavily bullish bets on corn and soybeans. The supply picture grew even higher than anyone expected, and other market participants have been active lately, joining the overall optimism. As of November 17, managed money corn futures and options were net long 278,889 contracts, a decrease of less than 2,000 contracts from a week ago. Corn futures fell fractionally during the week, but heavier corn selling was expected. According to the USDA 96& of the corn has been harvested, which is 82% ahead of last year and 88% on the five-year average. And we are expecting more export sales even though the number will be delayed until Friday due to the Thanksgiving holiday. I do expect plenty of purchase orders for U.S. agricultural products. In the overnight electronic session, the December corn is currently trading at 428 ½ which is 5 ¼ cents higher. The trading range has been 429 ¾ to 427.

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