Futures are 4 to 6 cents higher as we head into midweek. Turnaround Tuesday corn trading left the board 4 3/4 to 8 1/4 cents higher on the day. Preliminary open interest showed more net new buying, rising 12,284 contracts on the day. Argentine farmers plan a 72 hour strike to protest the corn export ban (which is designed to lower domestic prices). The national average corn basis from cmdtyView was firm at 17 cents under March. That compares to minus 15 cents LY, but of course prices are much higher. EIA ethanol production data will be released later this morning. Xinhua, China’s state media, reported national intentions to increase corn acreage for 2021. Firms are beginning to publish estimates for next week’s crop reports, with at least one expecting US ending stocks to drop to 1.380 billion bushels. We’ll have more robust data after Census releases official November export data on Thursday.
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