Even markets to open the day with corn unchanged and beans up 2. Forecasts for the next week locally look favorable with temps in the 70’s thru next week. The first day with sub 40’s isn’t until 10/2 and that is forecasted to be 36.
The latest ethanol production report had production down 20,000 bpd to 1,003,000 bpd. This is the lowest level since April. Reports yesterday that Siouxland Ethanol (90 million gallon plant) in Sioux City IA is shutting down is just another one to the growing list of plants now offline with negative margins. President Trump is meeting with senators from refining states to discuss the RFS as the President is under pressure from cornbelt senators to help the farm community.
Export reports this morning for last week came in above estimates but still significantly behind the pace needed to meet USDA projections. This common theme will continue with a stronger US dollar and increased world supply.
Producers should take advantage of any CBOT or basis bounce for the old crop or any fall bushels that they have left to move. Harvest has hit central IL which is going to put pressure on basis regardless of the crop size as stocks increase. I would advise producers with adequate storage for their fall corn to have 50 % of your crop sold and sit tight on the remaining portion until late winter/early spring.
Have a Safe Day!