On average corn was off 1 3/4 cents, breaking a five week streak of higher movement. Ethanol plants moved lower as well, off 1 1/2 cents per bushel. US ethanol margins have firmed of late with spot ethanol seeing a big move higher on Monday. With a strong spot margin for ethanol production, a lot of plants should expand expand capacity in the short-run, but it may be short-lived as forward margins are much weaker. Corn along the river saw the biggest drop, losing 2 1/4 cents.
Soybeans saw minimal movement this week gaining an average of 1/2 cent per bushel. Crush facilities were the biggest movers gaining 1 1/4 cents. Yesterday brought news of under performing US crush in November. NOPA pegged the soybean crust at 160.7 MB and a high figure of 162 had been expected by the trade. Soybeans along the river also moved slightly higher by 1/2 cent. Informa Economics continued to ratchet up their US soybean acre forecast for 2017, calling it at 88.8 million. If realized, that would amount to a 5.1 million acre build in soybean acres.
