9/22/2021

Sep 22, 2021


9/22/2021
After a poor start to the week, the grain sector spent close to the entirety of both sessions trading higher.  Of all things, today's firm move higher across the corn, soybean, and wheat trades was supported by oats locked limit higher on small volume approximately 90 minutes into the session last night.  Around mid-day, corn and soybeans did trade back near unchanged when Reuters announced the EPA was proposing large cuts to biofuel blending requirements.  Prices recovered after trade realized the EPA already made a similar announcement earlier this year.  Daily export sales announcements have been quiet this week as harvest continues to ramp up in the US and with more crop continuously harvested, more crop continues to be hauled in.  Today, soybean basis showed its first shimmer of weakness in a number of weeks.  Weekly ethanol output continues to slide, off another 11,000 bpd to 926,000 bpd.  Ethanol stocks increased 101,000 barrels to 20.11 million barrels.  As of today, September 22, Glacial Plains will be extending its grain receiving hours to accommodate harvest.  Contact your local grain team representative to confirm hours.  Wishing everyone a safe and bountiful harvest.

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