Cash markets saw positive movement to start the year. On average corn was up 1 cent, rising higher for the third week in a row. Ethanol plants moved 1 cent per bushel higher as well. Weekly ethanol production is still ahead of last year’s pace and USDA demand estimates. Last week production hit just above 300 million gallons, well ahead of the USDA demand estimate of 285 million gallons. Corn along the river also continued higher from last week, gaining 2 1/4 cents.
Soybeans saw upward movement as well, gaining 3 1/2 cents per bushel. Crush facilities made up for last week’s dip by gaining 7 1/4 cents. Monthly crush data from USDA showed November soy crush at 170.7 MB, slightly below trade estimates of 170.9 MB. USDA pegged corn used for fuel alcohol at 451.9 MB in November, and that's up from 433.9 MB a year ago. Soybeans along the river kept with the upward trend gaining 1 1/4 cents.
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