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Markets

Mid-Session Corn Market Report for 11/24/2010

March corn opened 6 1/4 cents higher on the day at 549 1/4 and established an early range of 549 to 553 1/2. After trading sideways at moderately higher levels overnight, March corn pushed past the overnight highs to start the day session before easing into mid morning. Traders said that a drop in the dollar into this morning helped to boost markets in general with the grains getting an added boost from the announcement of a big sale of soybeans to China along with reports earlier this morning that China is urging bankers to increase lending into the agricultural sector due to a potential severe shortage of corn. Basis levels for corn in the interior US were steady to firm this morning ahead of the Thanksgiving Day holiday. The Energy Information Administration ( EIA ) released its weekly ethanol production data this morning. It showed production for the week ending November 19th averaging 891,000 barrels per day. This is down 4,000 barrels per day (-0.45%) from last week and up 105,000 barrels per day (13.36%) versus last year. Total ethanol production for the week was 6.237 million barrels. Corn used in last week's production is estimated at 93.5 million bushels. Corn use needs to average 92.2 million bushels per week to meet this crop year's USDA estimate of 4.8 billion bushels. Ethanol stocks as of November 19th were 16.8 million barrels. This is up 84,000 barrels from last week and up 1.284 million barrels (8.27%) versus last year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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