Oct 05, 2022

The market struggled to find itself today.  We started the overnight session trading 1-2 steady higher in corn and 1-2 steady lower in soybeans, selling accelerated into the morning break.  Corn made an attempt to trade higher around the midday point but was sold back to unchanged before finding some late session buying to finish 1-2 cents up on the day.  Soybeans tried to rally back from some sharply lower trade at the 8:30 open but were unable to sustain any momentum and were held down to double-digit losses.  Overall, the markets were held in check today with the dollar index back in the green.  Weekly ethanol numbers saw a solid increase in production alongside an increase of new crop corn supply.  Production was up 34,000 bpd to 889,000 barrels total, stocks declined 1.01 million barrels to 21.69 million.  Crude oil easily found a bid today following a headline the OPEC+ plans to lower their daily production output by as much as two million barrels per day.  This puts the White House in an interesting position in terms of energy policy one month out from mid-term elections.  This energy policy that WILL have some sort of effect on grain demand (ethanol and soybean oil).

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