Grain markets drifted lower throughout today’s session, as the search for fresh news and market developments has remained thin. Markets seem to lack vigor as the cat and mouse game of conflicting reports on trade deal progress continues to provide a directionless environment. Market participants are hoping that Friday’s report will give a better idea of supply and demand fundamentals.
For the week ending March 1st, total ethanol production totaled 1.024 million bushels which came right within the range of estimates compared to last week’s 1.028 million barrels. The Midwest production rate saw a decrease of 12 thousand barrels to 952 thousand barrels. Total ethanol stocks saw a large increase of 552 thousand barrels to 24.26 million barrels that was outside the range of estimates. This was compared to last week’s total ethanol stocks of 23.70 million barrels. Notable strength in corn basis has not helped the ethanol margin structure, as plants continue to grind with hopes of a turnaround. The past week’s board action has halted a good portion of farmer selling.
May corn closed 3 cents lower $3.72 . May soybeans finished 11 cents lower at $9.02. May Chicago wheat closed 13 cents lower at $4.49 .
For more information, you may contact Brock Beadle at 515-341-7040, or e-mail at firstname.lastname@example.org. The opinions and views expressed in this commentary are solely those of Brock Beadle. Data used in writing this commentary obtained from various sources believed to be accurate. This commentary is intended for informational purposes only and is not intended for developing specific commodity trading strategies. Any and all risk involved with commodity trading should be determined before establishing a futures position.