1/10/2024

Some small signs of life were present in the market today but trade just couldn't hold corn and soybeans higher all the way into the close.  Corn ends the day virtually unchanged but March spreads continued on their recent trend of tightening.  It appears that some corn business was unofficially confirmed done today after it was rumored late yesterday.  Price action was terribly poor in soybeans today.  Buyers attempted to buy the dip shortly after the 8:30 market open which rallied us roughly 10 cents off that low.  This fresh money was washed out by the close today as trade took a round trip back to the same price levels we opened the day session with.  The weekly ethanol report showed a small increase in production of 13,000 barrels/day to 1.062 mln bpd.  Stocks grew by 800,000 barrels to 24.4 million barrels; this is an 8-month high.  Marketing year corn use for ethanol is approximately 6.7% ahead of last year's pace.  The USDA will likely need to increase their demand number for ethanol on the balance sheet.