Corn futures are trading UNCH to 2 cents lower this morning. They came back from being down 10 cents on Tuesday to settle with fractional losses in the front months. Profit taking ahead of the holiday was the theme, with preliminary open interest dropping 23,372 contracts on the day. Deferred contracts were higher. Double digit gains in wheat were supportive. Wednesday’s EIA report is expected to show a slight uptick in both ethanol production and stocks. Turkey purchased at least 350,000 MT of corn in a tender on Tuesday. Chinese Customs import data showed 1.14 MMT of corn was imported in October, well above last year. That brought the YTD total to 7.82 MMT, up 97.3% from a year ago and above their official TRQ of 7.2 MMT. Sorghum imports have totaled 4.02 MMT this year, nearly 4.5 times larger than in 2019.
--- provided by Brugler Marketing & Management
