Grain > Commentary > 11-23-2022

11/23/2022

Nov 23, 2022

11/23/2022
Corn adds 3-7 cents and soybeans up 2-6 in quiet fashion going into the holiday. We had an export sale announcement this morning of 110,000 tonnes of soybeans to China for delivery in the 2022/23 marketing year. The first cargo of Brazilian corn destined for China departed today with 15 total booked. On the weekly ethanol report, production rose by 30,000 barrels/day to 1.04 mln bpd and stocks also increased by 1.53 barrels to 22.83 mln bbls. Total corn use for ethanol to date is down 7.5% from last year and the pace is 30 million bushels behind what is needed to meet the USDA forecast. Over the past week, railroad unions have rejected offers from management and a slow down or strike on the railroad seems rather inevitable at this point. Whatever happens will likely be short lived but it will have an effect on overall performance of our grain export programs. Reminder: Glacial Plains will be closed Thursday and Friday, November 24-25 for Thanksgiving. The markets are active Friday and we can work a sell-order on your behalf if you desire.

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