Shuffling Of Reports Before Gobble Gobble Day. The Corn & Ethanol Report

We started off the busy morning with MBA Mortgage Applications (20/NOV) and MBA 30-Year Mortgage Rate (20/NOV) at 6:00 A.M., Durable Goods Orders MoM (OCT) Durable Goods Orders Ex-Transportation MoM (OCT), GDP (Q3) Goods Trade Balance Adv (OCT), Initial Jobless Claims (21?NOV), Jobless Claims 4-Week Average (21/NOV), Wholesale Inventories MoM Adv (OCT), Corporate Profits QoQ Prel (Q3), Core PCE Prices QoQ 2 Est (Q3) PCE Prices QoQ 2Est (Q3), Continuing Jobless Claims (14/NOV), Durable Goods Orders ex Defense MoM (OCT) at 7:30 A.M., Personal Income MoM (OCT), Personal Spending MoM (OCT), Michigan Consumer Expectations Final (NOV), Michigan 5-Year Inflation Expectations Final (NOV), Michigan Consumer Sentiment Final (NOV), Michigan Current Conditions Final (NOV), Michigan Inflation Expectations Final (NOV), New Home Sales MoM (OCT), New Home sales MoM (OCT), New Home Sales (OCT), PCE Price Index MoM & YoY (OCT), Core PCE Price Index MoM & YoY (OCT), 4-Week & 8-Week Bill Auction at 9:00 A.M., EIA Energy Stocks at 9:30 A.M., 154-Day & 105-Day Bill Auction at 10:30 A.M., EIA Gas Storage at 11:00 A.M., Baker Hughes Oil & Total Rig Counts at 12:00 P.M., FOMC Minutes at 1:00 P.M. and Milk production at 2:00 P.M.

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On the Corn front, what a comeback. Monday evening the corn market opened slightly lower but later in the overnight the market really got sacked with whispers China canceled or switched U.S. soybean cargoes to Brazil. Corn prices for February in Brazil was cheaper than in the U.S. which triggered more selling. Were sure rollovers from the December contract came into play as well. We also believe China's demand for U.S. corn and soybeans is real and anticipate more purchase orders. Rains are forecasted the next week in dry areas of Argentina and Brazil, but they are also contending with La Nina and the rains could end up being a false alarm. In the overnight electronic session, the March corn is currently trading at 430 ½ which is 2 cents lower. The trading range has been 434 ¾ to 430 ½.

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