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Corn futures declined on Wednesday, with December contracts down 6 cents to close at $4.34 3/4, while nearby Cash Corn prices fell 3.5 cents to $3.99. Ethanol production in the U.S. for the week ending December 5 reached 1.105 million barrels per day, reflecting a decrease of 21,000 bpd from the previous week’s record. Ethanol stocks slightly decreased to 22.51 million barrels.
According to the NASS Grain Crushings report, September corn grind was 435.36 million bushels, down 2.66% from last year, while October corn grind rose 2.76% to 476.4 million bushels. South Korean importers purchased a total of 136,000 MT of corn, and a Taiwan tender was issued for 65,000 MT. Export Sales data is anticipated to show 0.8-2 million metric tons in corn sales for the week of November 13.
Speculators trimmed their net short position in corn by 31,993 contracts, bringing the total to 39,523 contracts.
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