Corn up 1 to 2 cents
Soybeans up 3 to 4 cents
March corn closed up 2 ¾ cents yesterday at $3.74, trading in a tight range most of the session. We saw somewhat encouraging ethanol production numbers last week, up 15 million gallons from the previous week at 309 million gallons. Compared to the same-week production last year of 312 million gallons, we are about 1% behind. Ethanol stocks were bumped slightly from last week’s 977 million gallons to 981 million gallons.
March soybeans closed 1 ¼ cents higher on Wednesday at $8.94 ½. After trading higher in the overnight, they moved back to steady/slightly down for most of the day, finishing slightly higher. We are still keeping an eye on Brazil being too dry/Argentina being too wet. Brazil’s beans are about 10% harvested in Parana and 6% in Mato Groso. If weather and trade concerns continue, we will likely continue range trading.