Highlights
Yesterday’s end of the day comments from a grain merchandiser:
"There was little fresh news today making it difficult to explain away the higher markets today."
And then he reports:
"Wheat was the upside leader as Russia and Black Sea region is dry while France is too wet.
Weekly ethanol production was up 1.8% from the prior week and was up 7.0% from a year ago. Production was record high for the period averaging 1.073 million gallons per day.
Corn is seeing some better demand that could have USDA raising some estimates in the April 11 WASDE report.
Corn for ethanol usage in the first six months of the year supports higher usage (corn for ethanol) as does the March stocks for (justify) higher feed usage.
(80 million fewer bushels than expected and the only logical place it went was for feed because USDA tracks exports weekly and ethanol crush monthly)