New crop September futures closed 6 1/4¢ higher at $6.38 1/4. December corn futures settled 6 3/4¢ higher at $6.16 1/2.
July soybean futures closed 18 1/4¢ lower at $15.44. August soybean futures closed 13¢ lower at $15.10.
Corn demand was impressive, while the soybean demand has been slacking off and the USDA showed this, today.
“Ending stocks are raised slightly for soybeans, but old crop corn along with old and new crop wheat were all minimally lower than expectations.
“2020/2021 corn stocks came in below the average estimate, with ethanol usage up by 75 million to 5.05 billion bushels.
Peter J.
“Old crop ethanol demand was raised by 75 million bushels given higher production and record RIN prices makes sense, and was probably the only surprise in the report as exports were also raised by 75 million bushels given the pace of export sales.
Meyer added, “Soybean crush was lowered slightly, increasing the old crop carry out, but next year’s supply remains tight.
“In order to achieve this the USDA added 75 million bushels to both the ethanol demand and exports.