Markets Open, Mixed Friday

Markets were closed Thursday and last night for Thanksgiving. Corn opened 1-2 cents lower this morning at 8:30. Before the open, the USDA released the weekly export sales and corn saw a huge number at 2,564,800 MT, which was a marketing year high. It is great to see corn export sales start to pick up. Corn demand for ethanol is looking good too. Last week in the EIA report ethanol production saw a record 1.008 million barrels per day. That translates to about 105 million bushels of corn used in one week. All we have heard is poor demand for corn and when we see good demand for corn we still go lower. Sure seems like the bears are defending their short positions!

Beans opened today about a penny higher. Export sales for beans had a good number, too, at 1,178,600 MT. Meal sales had a good number too at 247,800 MT. The close today will be very important in beans. Remember on Monday we had a key reversal up on the charts so follow through today would send a very positive signal on the weekly charts. Remember the grains close at noon today and the livestock at 12:15.