Corn is up 2 and soybeans are down 4 to end the week. For the week corn is up 13, soybeans up 17.
On Thursday, funds were net sellers of 5,000 SRW Wheat; bought 8,000 Corn; bought 2,000 Soybeans. Managed funds are net long 61,000 contracts of SRW Wheat; long 253,000 Corn; net long 256,000 Soybeans.
U.S. ethanol production for the week ended October 16th averaged 913,000 barrels per day (down 2.56% versus a week ago, down 8.33% versus a year ago); stocks totaled 19.721 mil barrels (down 1.43% versus a week ago, down 7.69% versus last year); corn use for the week was 90.7 mil bu (93.1 mil last week) and versus the 97.7 mil bu needed to meet USDA projections.
Crude oil is in one of the least volatile trading ranges in history. The energy department and those around the world see 40 dollars a barrel as an acceptable price, with transportation flat since June. Prices are just above break even for many refineries.
With no carry in the board and basis levels still firm producers are actively selling corn right out of the field. With prices ranging between $3.90 – $4.00 for October thru December producers should continue to move their grain.
Have a Safe Weekend!