Corn futures dropped on Wednesday, with 3 ¾ to 6 ¼ cents across the front months on Wednesday.

Pre-report estimates for corn bookings show analysts are looking for between 725k and 1.5 MMT for the week that ended 11/30. New crop sales aren’t expected to be above 25k MT. 

EIA’s weekly data showed that 1.076m barrels of ethanol were produced on average each day during the week that ended 12/1. That was a 65k barrel per day increase from the week prior. Ethanol stocks were shown 60k barrels above the week prior at 21.439 million barrels. The monthly Census data put ethanol exports at 117.09m gallons during October, which was down from the Sep record of 120m but was a 37% increase from Oct ’22.

Census data confirmed 2.811 MMT, 110.7 mbu, of corn was shipped during October. That left the season total at 235 mbu for the first two months – 27% ahead of last year’s pace. DDGS exports were 897k MT for October, that was a 12% increase from the same month last year. 

The Korean Feed Association (KFA) bought 65,000 MT of optional origin feed corn in a snap tender for $265.50/mt CF per trade sources. There are trade rumors that China may have cancelled as many as 10 vessels of previously purchased Brazilian corn. US FOB corn is currently cheaper although low water levels in the Panama Canal are complicating logistics. 

Dec 23 Corn  closed at $4.64 3/4, down 3 3/4 cents,

Nearby Cash   was $4.53 7/8, down 5 3/4 cents,

Mar 24 Corn  closed at $4.84 1/4, down 6 1/4 cents,

May 24 Corn  closed at $4.95 3/4, down 6 1/4 cents,