Corn futures are trading fractionally lower this morning. They ended the Wednesday session with most nearby contracts fractionally to 1 1/4 cents lower. Wednesday morning’s EIA report showed another record week of ethanol production with 1.108 million barrels per day produced during the week of 12/1. That was 42,000 bpd larger than the previous week, but stocks also increased 500,000 barrels to 22.544 million barrels. US corn exports during the month of October totaled 2.725 MMT, with 1.15 MMT going to Mexico. That was 24.7% lower than last October and down 22.7% from September. Census data shows 93.6 million gallons of ethanol shipped during October, 8% larger than September. DDG exports were also larger than in September. Expectations ahead of the weekly Export Sales report are running 0.8 to 1.2 MMT for 17/18 corn sales.

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