Corn Looking to Head into Holiday with Gain

Market Overview - Corn futures are experiencing slight increases, with contracts up 1 to 2 ¼ cents on Wednesday morning, following a mixed close on Tuesday [1] - The CmdtyView national average Cash Corn price rose by 1/4 cent to $3.88, with the market closing for Thanksgiving on Thursday and reopening at 8:30 CST on Friday [1] Export Sales Data - Export Sales data revealed a total of 1.327 million metric tons (MMT) of corn sold for the week of October 9, which is a 4-week low and below the same week last year, with expectations ranging from 0.9 to 2.5 MMT [2] CFTC Data and Positions - Delayed CFTC data from the week of October 14 indicated that managed money held a net short position of 191,055 contracts in corn futures and options, an increase of 49,089 contracts [3] - Commercial positions decreased their net short by 37,930 contracts, resulting in a net short of just 13,776 contracts, while long positions were increasing [3] Brazilian Corn Exports - Brazilian corn exports for November are projected to reach 6.11 MMT, which is a decrease of 0.25 MMT from the previous week [3] Futures Prices - December 25 Corn closed at $4.23 1/2, down 1/4 cent, but is currently up 2 ¼ cents; Nearby Cash is at $3.88, up 1/4 cent [4] - March 26 Corn closed at $4.38 1/4, up 1 1/2 cents, and May 26 Corn closed at $4.46 3/4, up 2 1/2 cents [4]