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And the holiday trade has officially begun. Markets are closed tomorrow, and have a shortened session on Friday. That being said, the markets may have well been closed today, as movement on the board was up & down, but closed relatively unchanged as technicals remain under pressure. We saw some price activity reverse/stabilize today after Trumps tariff news response yesterday, but the holiday malaise will remain a shadow on the trading session until the end of the year with a lack of fundamental news expected. South American production, Ukraine/Russian tensions and Trump's upcoming political agenda are keeping upper and lower limits on the ranges.
U.S. ethanol production last week hit its third consecutive weekly record at 1.12 million barrels per day. Ethanol production usually increases after the corn harvest, especially following a bumper harvest like this year's. Marketing year to date estimated corn use for ethanol production totals 1.260 billion bushels, up 6 million bushels from the previous year, and more than 45 million bushels above the seasonal basis needed to hit USDA's target. This is positive for corn demand, but does not hide the fact that the US grew a bin-buster crop this year.
Green diesel producers are making plans to dramatically cut production as we head into 2025, fearing that it could be months before we have 45Z guidelines reducing demand for soyoil as supplies build. What does this mean for soybean demand??
Funds were thought to have been mixed today with corn and soybeans buyers and wheat a seller.
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