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]

Group 1 - The main contract for late indica rice futures remains unchanged at 2535.00 yuan/ton as of the report date [1] Group 2 - According to foreign media forecasts, U.S. corn net export sales for the 2025/26 marketing year are expected to be between 800,000 to 2,000,000 tons as of the week ending October 16, 2025 [2] - The Brazilian National Association of Grain Exporters (ANEC) anticipates that Brazil's corn exports for October will reach 6.57 million tons, an increase from the previous week's estimate of 6.46 million tons [2] - As of the week ending October 17, the deliverable inventory of corn at CBOT was reported at 15.067 million bushels, a 23.80% increase from the previous week’s 12.17 million bushels, but a 37.27% decrease from the same period last year when it was 24.019 million bushels [2] - The Executive Director of the International Sugar Organization (ISO) stated that U.S. government subsidies to corn growers distort U.S. corn ethanol export prices, impacting market competition [2]