Weekly Ethanol Production Hits One Month Low, Stocks Draw Down
In this week’s report from the Energy Information Administration, ethanol production for the week ending on Nov 16 fell to 1.042 million barrels per day, a week-on-week drop of 25,000 barrels per day. This also marks the lowest level of production since Oct 19. Ethanol stockpiles also decreased during the same time period, drawing down by 723,000 barrels to 22.791 million barrels, the lowest level of supplies since Oct 26. Ethanol margins continue to remain depressed, as evidenced by the recent announcement that Green Plains is likely idling their Wood River, NE plant as they are no longer dried distillers grains (DDGs) for sale.
Export Sales Announcement
Export sales of 132,000 metric tons of corn for delivery to South Korea during the 2018/2019 marketing year; and, Export sales of 120,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.
Corn Exports Remain Strong, Soybean Numbers Rise from Previous Week
From Nov 9-15, the USDA reported corn export sales of 877,400 MT, towards the high side of the range of analysts expectations and 50% higher than the 4 week average. The week’s biggest buyers were Mexico, Japan, and Peru. For soybeans, sales were reported at 680,500 MT, considerably higher than the previous week’s number of 470,400 MT. Major buyers of US soybeans were Germany, Taiwan, and Bangladesh. Wheat sales were reported at 330,400 MT, down 25% from the previous week and to the low end of expectations. Top purchasers were Mexico, Indonesia, and the Philippines.
Winter Weather Forecast Across Midwest From W Nebraska To Illinois
The National Weather Service has issues winter storm watches in the west in W Nebraska and parts of Kansas all the east through Iowa and into W Illinois. The storm watches will be in effect from late Saturday evening through until Sunday afternoon. E Nebraska and W Iowa are expecting high winds and as much as 8 inches of snow. E Iowa and W Illinois will see rain at first, which is expected to turn to snow, where the forecast also calls for nearly 8 inches and 30 mph winds. Travel conditions could be hazardous says the NWS.
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