Corn Giving Gains Back Despite Record Ethanol Production

Group 1: Corn Market Overview - Corn futures are experiencing losses of 5 to 6 cents across most contracts, with the CmdtyView national average Cash Corn price down 5.5 cents at $3.99 3/4 [1] - December 25 Corn is priced at $4.32 1/4, down 5 3/4 cents, while March 26 Corn is at $4.44 1/2, down 5 1/2 cents, and May 26 Corn is at $4.52, also down 5 1/2 cents [4] Group 2: Ethanol Production and Stocks - Weekly EIA data indicates a record ethanol production of 1.126 million barrels per day for the week ending November 28, marking a week-over-week increase of 13,000 bpd [2] - Ethanol stocks rose by 543,000 barrels to a total of 22.511 million barrels, despite a 48,000 bpd increase in exports to 170,000 bpd not being sufficient to offset the increased output and a 28,000 bpd drop in refiner inputs [2] Group 3: Market Positioning - CFTC data for the week of October 21 shows managed money reducing their net short position by 30,070 contracts to a total of 160,985 contracts, while commercials increased their net short position by 37,087 contracts to 50,863 contracts [3] - Export sales data for the week of October 30 is anticipated to show corn sales between 0.8 to 2 million metric tons [3] Group 4: Import Activity - A Taiwan importer has issued a tender for 65,000 MT of wheat, with a deadline for offers set for Thursday [4]