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Corn futures declined by 5 to 6 cents across most contracts on Wednesday, with the CmdtyView national average cash corn price falling 5.5 cents to $3.99 3/4. The December 25 corn price is currently at $4.32 1/4, down 5 3/4 cents.
In the week ending November 28, ethanol production hit a record high of 1.126 million barrels per day, a 13,000 bpd increase week-over-week. Ethanol stocks rose by 543,000 barrels to 22.511 million, while exports increased by 48,000 bpd to 170,000 bpd, not sufficing to offset a 28,000 bpd reduction in refiner inputs.
Export sales data for corn for the week of October 30 is anticipated to be released on Thursday, with expectations of sales between 0.8 to 2 million metric tons. As of October 21, managed money reported a net short position of 160,985 contracts after trimming 30,070 contracts.
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