Corn long positions are fully activated on the eve of Thanksgiving.

Corn futures strengthened on Wednesday, with December contracts rising 7-8 points, and the spot average price increasing to $3.88/bushel. Friday is the first notice day for December futures, and the market will be closed on Thursday for Thanksgiving, with hard opening at 8:30 AM CST on Friday.

The latest EIA data shows that as of the weekend of 11/21, the daily production of ethanol reached 1.113 million barrels/day, an increase of 22,000 barrels/day compared to the previous period, nearing historical highs. Inventory decreased by 339,000 barrels to 21.968 million barrels, but exports instead fell, averaging 122,000 barrels/day, while refinery input also slightly dropped to 885,000 barrels/day.

In terms of positions, CFTC data revealed a shift in the long and short positions in mid-October: managed funds held a net short position of 191,055 contracts (an increase of nearly 50,000 contracts), but commercial positions significantly reduced their short positions to 13,776 contracts, indicating that institutions are accumulating positions on dips.

Futures contracts rallied across the board: December contract $4.307 (up 7.25c), March contract $4.457 (up 7.5c), May contract $4.537 (up 7c). Long positions sentiment is significantly heating up, but whether it can continue will depend on macro news after Thanksgiving.