Oct 26, 2022

Corn and soybeans tried to be higher early in the session but drifted back to unchanged/slightly lower throughout the day. Corn finished 1-2 lower and soybeans fractionally mixed on another day of extremely limited news with nothing solid to provide a direction. November beans looked like they were going to challenge the 1400'0 level but backed away quickly. On the board, resistance appears to building at 700'0 for corn and 1400'0 for soybeans. Weekly ethanol numbers showed higher than expected increases with production up 17,000 barrels/day to 1.03 mln bpd and stocks increasing by 447,000 barrels to 22.29 mln bbls total. Marketing year to date use of corn for ethanol is estimated at 678 million bushels, down 8% from the previous year and is about 20 million bushels below the pace needed to meet the USDA forecast of corn for ethanol use.

Oats are trading nearly $5/bu off of their all time highs set in April and back to levels traded in late 2020. Corn and soybeans are currently about $2.50/bu higher across this same timeframe. The oat trade has been viewed as indicator for other markets but the market has been silent on this.

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