Sep 13, 2023

After some back-and-forth on either side of unchanged, corn and soybeans slowly found some footing going into the back half of Wednesday trade.  Corn narrowly avoided setting a new 30-month lows and turned it around for a firm gains ranging from 2-5 cents.  Soybeans traded a fresh low for the move, managing to hold a couple cents above the 200-day moving average before bouncing into the green after mid-day.  A nice reversal following such a poor performance after the USDA report yesterday.  Weekly ethanol data showed a rise in production by 27,000 barrels/day to 1.039 mln bpd.  Stocks were off by 400,000 barrels, coming in at 21.2 mln.  There were no USDA sale announcements this morning.

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