Corn found some buying interest based on strength in soybeans but fell back to unchanged when soybeans lost some of their support. The weekly ethanol report showed corn usage for ethanol production at 109.75 mln. bu., down slightly from the previous week. Ethanol stocks at 23.514 mln. barrels, up 9.38% from last year. Weekly export sales are out tomorrow morning and are expected at 500-900,000 tmt. Weekly sales have lagged expectations for this marketing year due to Brazil and Argentina staying competitive in the export corn arena longer than expected. They seem to be withdrawing from the nearby market slowly and interest is building from buyers in the JFM slot. News is corn was thin today as most storylines revolved around soybeans.
Soybeans closed 5 cents higher today but off session highs on news that China had sent a written reply to the U.S. regarding trade disputes. Of course, it wasn’t enough but there is a general feeling that at least some progress is being seen in this area. Later in the day an announcement was made that the U.S. would hold off on implementing the round of tariffs to being in January but no deal is expected by January either. Another comment was that until Mr. Lighthizer becomes more involved, no real progress on trade disputes will be made. It’s tough when this is the focal point of daily trade, but that’s the environment right now. NOPA crush for October was above expectations and record large at 172.35 mln. bu. and was considered supportive. Weekly export sales in the morning expected between 400-700,000 tmt.
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