US Ethanol Stocks Are Up


Grains are higher. SX is up 5 cents near 13.78. SMZ is near 405.4. BOZ is near 70.91. CZ is up 2 cents and near 6.80. WZ is up 9 cents and near 8.50. KWZ is up 8 cents and near 9.50. MWZ is up 8 cents and near 9.62.

Global weather is mixed with too much rain in Australia, Russia and Ukraine and not enough in US plains and Argentina. Argentina has rain in forecast.

November soybean futures found support near 13.70. BOZ is trading over 70 cents. Malaysian palmoil prices are firming seasonally and supply tends to drop this time of the year. Weekly US soybean export sales are est near 1,700-2,500 mt. Some technical buying and higher Crude oil prices ae helping soybean futures today. There is hope that China demand could increase especially off US PNW. Soyoil futures continue to rally on increase renewable diesel capacity. Talk of higher South America 2023 supplies should still offer resistance to SX near 14.00.

Corn futures may be stuck near 6.80. Some feel US 2022 corn crop could end up slightly below USDA October estimate but slow demand for US export could limit the upside in futures. Weekly US ethanol production was highest since August but down 7 pct from ly. US ethanol stocks are up 9 pct from ly.

Wheat is wheat. Egypt needs wheat for late fall and early winter needs but no tenders were announced. There is a lack of new news. Extension, alteration or elimination of Ukraine export deal will be key to prices. Russia wheat export prices are a steep discount to US. Still too much rain in E Australia. Australia futures have rallied 80 cents is last 30 days. Risk is up due to dry US plains weather, geopolitical risk and slow global wheat trade to date.

US stocks are slightly lower. Crude is higher. US Dollar is slightly lower. Gold, silver, copper, cocoa and cotton are higher.

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