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Grain Commentary By Jeff Thatcher

Wednesday November 15th
Corn: +3/4
Corn had another quiet session with values trading near steady throughout the session.  The December contract finished just fractionally higher today after again making a new low overnight.  Today’s weekly energy report was mostly as expected with ethanol production down just slightly from last week, but still at a stronger pace than needed to meet production estimates.  Ethanol stocks were up just a tick from last week, but remain well above year ago levels.  Some light short covering was noted today with funds buying an estimated 4,000 contracts, but their net short position is still expected to be nearly 230,000 contracts.  Weekly exports will be released in the morning with the trade expecting sales of 55-60 million bushels. 
Soybeans: +8 1/2
The soybean market was able to rebound today with values extending on overnight gains throughout the session.  January soybeans finished over 8 cents higher, gaining back all of yesterday’s losses.  Soybean products were also higher with soybean oil up sharply on a supportive NOPA crush report.  Soybean crush came in very near expectations at just over 164 million bushels.  This was off just slightly from last year, but the soybean oil stocks were well below expectations.  Strength was also said to be coming from talk that Argentina has turned too dry after being reportedly too wet earlier in the planting season.  Traders are expecting weekly export sales of near 50 million bushels in tomorrow’s report.