Corn Falls Back on Wednesday

Market Overview - Corn futures experienced a decline, with contracts down 7 to 8 cents across most months, and the national average Cash Corn price decreased by 6 3/4 cents to $3.91 1/4 [1] - External market pressures included a $1.15 drop in crude oil prices and a $0.606 increase in the dollar index [1] Ethanol and Corn Exports - EIA data indicated a rebound in ethanol production by 16,000 barrels per day to 1.091 million bpd for the week ending November 14, with ethanol stocks rising by 88,000 barrels to 22.307 million barrels [2] - August corn exports reached a record 6.397 MMT (251.8 million bushels), marking a 25.42% increase from the previous year and a 2.76% rise from July [3] - Distillers exports increased by 7.47% year-over-year to 1.167 MMT, while ethanol exports also set a record for August at 188.77 million gallons, up 23.76% from last year and 14.84% from July [3] Import and Export Activity - Analysts anticipate corn export sales for the week of October 2 to be between 1.4 to 2.5 MMT [4] - A South Korean importer secured 130,000-135,000 MT of corn in a recent tender, with the origin yet to be disclosed [4] - Brazil's ANEC projected November corn exports at 6.36 MMT, reflecting a 0.32 MMT increase from prior estimates [4] Speculative Positions - CFTC data revealed that speculators increased their net short position in corn futures and options by 40,635 contracts, bringing the total net short to 135,310 contracts as of September 30 [5] - Closing prices for December 25 Corn were $4.29 3/4 (down 7 cents), Nearby Cash at $3.91 1/4 (down 6 3/4 cents), March 26 Corn at $4.41 1/2 (down 8 cents), and May 26 Corn at $4.49 (down 7 1/2 cents) [5]