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Corn futures closed on Wednesday, November 14, 2023, with prices down 7 to 8 cents across most months. The national average cash corn price decreased by 6.75 cents, settling at $3.91 1/4. Outside market pressures included crude oil down $1.15 and the dollar index up $0.606.
According to EIA data, ethanol production rebounded to 1.091 million barrels per day, while stocks rose by 88,000 barrels to 22.307 million. August corn exports reached a record 6.397 million metric tons, marking a 25.42% increase from the previous year.
Furthermore, South Korea purchased approximately 130,000-135,000 metric tons of corn, with Brazil’s ANEC estimating November’s corn exports at 6.36 million metric tons, an increase of 0.32 million from last week.
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