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Corn prices are showing fractional gains on Friday morning, with futures rising 4 to 6.5 cents, while the CmdtyView national average cash corn price increased by 6.5 cents to $4.02 ½. Preliminary open interest saw a substantial rise of 35,080 contracts.
Data from the EIA for the week ending November 7 indicated ethanol production was at 1.075 million barrels per day, a decrease of 48,000 bpd from the previous week. Additionally, corn export sales for the week of September 25 came in at 1.394 million metric tons, with expectations of further announcements.
The USDA is set to release its monthly Crop Production report, with analysts predicting a yield drop of 2.7 bushels per acre to 184 bpa and a total corn production estimate of 16.557 billion bushels, a 257 million bushel decrease from September.
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