Corn and soybeans are both up 1 to start the day. Export sales released this morning showed corn at 56 million bushel which is down from last week but well above the ten week average of 27 million. Soybean exports also came in at 56 million bushel which is significantly above the ten week average of 18 million.
Weekly ethanol production dropped for the second straight week to 1.015 million barrels per day compared to 1.036 last week and 1.051 the week before. It is still above this time last year. With most ethanol plants taking their fall shutdowns in late September thru mid October these drops are not only expected but needed to help reduce stocks.
The USDA S&D report will be released a week from today. Look for the traders to position themselves between now and then for any surprises. Private surveys will be released in the next few days with the expectation that many are looking for larger corn and soybean yields.
Reminder – All loads need to be scheduled prior to delivery.
Have a Safe Day!