After the close:
U.S. weekly ethanol production is down from previous weeks.
According to EIA data analyzed by the Renewable Fuels Association, ethanol production averaged 998,000 barrels per day (b/d)—or 41.92 million gallons daily. That is down 25,000 b/d from the week before and the lowest in five weeks. The four-week average for ethanol production stood at 1.020 million b/d for an annualized rate of 15.64 billion gallons.
Mike
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At the close:
At the close, the Dec. corn futures settled 5 1/4¢ higher at $3.38 1/2, while March futures ended 5 1/2¢ higher at $3.48 per bushel. Nov. soybean futures are 1 1/4¢ higher at $9.76 3/4, while Jan. soybean futures closed 1 1/2¢ higher at $9.80. Dec. wheat futures finished 3 1/4¢ higher at $4.06. Dec. soymeal futures closed $0.90 short ton higher at $317.60. Dec. soyoil futures closed $0.12 higher at 33.27¢ per pound. In the outside markets, the Brent crude oil market is $2.17 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 55 points lower.
Mike
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At mid-session:
At mid-session, the Dec. corn futures are 4¢ higher at $3.37, while March futures are 4 1/4¢ higher at $3.47 per bushel. Nov. soybean futures are 2¢ lower at $9.73, while Jan. soybean futures are 1 3/4¢ lower at $9.77. Dec. wheat futures are 1/2¢ higher at $4.03. Dec. soymeal futures are $1.60 short ton lower at $315.10. Dec. soyoil futures are $0.24 higher at 33.39¢ per pound. In the outside markets, the Brent crude oil market is $1.70 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 40 points lower.
Mike
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At 9:30am;
In early trading, the Dec. corn futures are 1/4¢ lower at $3.33, while March futures are 1/4¢ lower at $3.42 per bushel. Nov. soybean futures are 1 3/4¢ lower at $9.73, while Jan. soybean futures are 2¢ lower at $9.77. Dec. wheat futures are 3 3/4¢ lower at $3.99. Dec. soymeal futures are $1.00 short ton lower at $315.70. Dec. soyoil futures are $0.05 higher at 33.20¢ per pound. In the outside markets, the Brent crude oil market is $0.48 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 58 points lower.
Mike
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Soybeans were again higher overnight on concerns about the non-stop rain, the flooding that's going on from Kansas to northern Illinois and the spread of fungal diseases. Normally a nice finishing rain would be welcome but right now the precipitation just needs to go away and let fields dry out and river levels decline. Unfortunately, MDA Information Services and Commodity Weather Group, both ag forecasters, have said they expect rain to continue through at least the next 10 days.
Here's what happened overnight:
Brent Crude Oil = 1.1% higher.
West Texas Intermediate Crude Oil = 1.5% higher.
Dollar = down 0.5%.
Wall Street = U.S. stock futures little changed in overnight trading.
World Markets = Global stocks higher as European Central Bank leaves rates unchanged.
