Stateline Morning Comments December 8^th 2021

Corn Down 3 @ 5.73

• Corn opened lower overnight and has traded within a 3-cent window.
• In response to the blending targets released from the EPA, ethanol swaps settled higher $0.14 per gallon at $2.85.
• Data released yesterday showed 104.7 million gallons of ethanol shipped in the month of October 2021 vs. 75.8 gallons shipped in October 2020.
• First crop corn seeding in Brazil is essentially complete with adequate moisture for development except for the far southern part of  Brazil.

Beans Down 10 @ 11.95

• Soybeans opened the evening session lower on the sharp reversal in the soybean oil on Tuesday.
• To meet long -term biofuel demand in the U.S., soybean crush is expected to rise over the next 3 to 5 years.
• Preliminary trade data from China showed November soybean imports at 8.57 MMT vs. 9.59 MMT in 2020 with year-to-date imports down 5.4% from last year
• SF22 is dn 10 ¼, at $12.39 ¾, and SH22 is dn 10, at $12.48 ¼. 

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