Corn price action is up ¼ to ¾ cent across most contracts to start Thursday trade. Futures closed the Wednesday session under pressure, as contracts were down 7 to 8 cents across most months. Preliminary open interest was down 8,919 contracts on Wednesday, mostly exiting the December, down 30,638 contracts. The CmdtyView national average Cash Corn price was down 6 3/4 cents at $3.91 1/4. Outside markets added pressure, with crude oil down $1.15 and the dollar index up $0.606.

Export Sales for the week of October 2 will be released this morning, with analysts looking for 1.4 to 2.5 MMT of corn sold.

EIA data from Wednesday showed a rebound of 16,000 barrels per day to 1.091 million bpd in the week ending on November 14. Stocks of ethanol were up 88,000 barrels to 22.307 million barrels. Exports slipped by 12,000 bpd to 145,000 bpd, with refiner inputs of ethanol down 7,000 bpd to 888,000.

Census data was released on Wednesday, showing August corn exports at 6.397 MMT (251.8 mbu). That was a record for the month at 25.42% above last year and a 2.76% increase from July. Distillers exports were up 7.47% from a year ago at 1.167 MMT. Ethanol exports were a record for August at 188.77 million gallons, up 23.76% from last year and 14.84% larger than in July. 

CFTC data from Wednesday afternoon showed speculators in corn futures and options adding 40,635 contracts to their net short position in the week that ended on September 30. As of that date, which was more than a month and half ago, their net short was 135,310 contracts.

Three separate South Korean importers purchased a total of 329,000 MT of corn in tenders overnight, with the origins not listed.

Dec 25 Corn  closed at $4.29 3/4, down 7 cents, currently up 1/4 cent

Nearby Cash  was $3.91 1/4, down 6 3/4 cents,

Mar 26 Corn  closed at $4.41 1/2, down 8 cents, currently up 1/2 cent

May 26 Corn  closed at $4.49, down 7 1/2 cents, currently up 1/2 cent