Yesterday, March corn futures closed 3 1/2 higher, settling at $4.43 1/2, and has added another couple during the overnight trade. Also yesterday, January soybean futures gained 4 cents, settling at $12.47 1/4.
For corn, today will see the release of the EIA’s weekly ethanol production and stocks reports as well as the weekly export sales report. We should expect ethanol production to be in the range of the previous week, but would imagine ethanol inventory to climb a bit again. For sales, traders are expecting somewhere in the range of 35 to 45 million, which would be another solid week.
We should also expect a supportive export sales number for soybeans. Argentina is still in the midst of a strike at their ports. That and the ongoing dryness/drought in South America is also supporting soybean values.
Corn 1 to 3 higher
Beans 9 to 11 higher Old Crop with New Crop more like 2 to 3 higher
The soybean inverse continues to widen. We encourage caution holding on to high priced Old Crop soybeans for too long. If you have farm stored bushels, look to get them priced for movement during January, February of March.
Continue to put in your offers.
Reminder: the Chicago Board of Trade will close at 12:05 Thursday and remain closed until Sunday night. Most, if not all, Landus offices will be closing at Noon Thursday and closed all day Friday.