Turnaround Tuesday! The Corn & Ethanol Report

We started off the day with Redbook YoY & MoM (28/NOV) at 7:55 A..M., Markit Manufacturing PMI Final (NOV) at 8:45 A.M., U.S. Markit Manufacturing PMI Final (NOV), ISM Manufacturing Prices (NOV), ISM Manufacturing New Orders (NOV), ISM Manufacturing Employment (NOV), ISM Manufacturing PMI (NOV), Construction Spending MoM (OCT) Fed Chair Powell Testimony at 9:00 A.M. 119-Day and 42-Day Bill Auction at 10:30 A.M., Fed Daly Speech at 12:15 P.M., Fed Evans, Cotton System, Fats & Oils, and Grain Crushing’s at 2:00 P.M., API Energy Stocks at 3:30 P.M. and Total Vehicle Sales at 6:00 P.M.

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On the Corn Front prices got a boost after exporters reported sales of 140,000 metric tons and 204,000 metric tons or higher to unnamed overseas buyers. Exporters are required to report sales above 100,000 mt to the U.S. Department of Agriculture. Export sales have been great in recent weeks although, exporters have not reported any sales of 100,000 mt of soybeans since November 9th. Still the export of corn and soybeans are way ahead of than last year at this point. Export Inspections also improved totaling 890,033metric tons up 832,882 from last week and 439,633 mt from a year ago. Winter Storm watches and warnings expected in southern Kansas and northern Oklahoma. In the overnight electronic session, the March corn is currently trading at 428 ¼ which is 2 ¼ cents higher. The trading range has been 429 to 425 ¾.

On the Ethanol Front Clean energy companies took a nose-dive in yesterday’s action. The selloff was broad-based with WTI down 2.$% during the trading day and a weaker than normal corn market which combined, and the pity party was on. But we hope to see a Turnaround Tuesday. There were no trades posted in the overnight electronic session. The January ethanol settled at 1.350 and is currently showing 1 bid @ 1.101 and 2 offers @ 1.400 with Open Interest at 44 contracts.

On the Crude Oil Front, we have come off the highs made in the overnight with news OPEC+ delays talk which is raising supply alarm. The group was scheduled to meet today, and discussions of key ministers failed to reach a consensus. Whispers are they may meet Thursday to find a face-saving compromise and discuss the importance of the fragile state we are currently in. In the overnight electronic session, the January crude oil is currently trading at 4530 which is 21 points lower. The trading range has been 4570 to 4481.

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