Grains seeing a little pressure this morning. Beans down 1 ¼ cents, corn down ½ cents, and wheat down 4 cents.
USDA report is out tomorrow, Friday 2/8, and will include Dec quarterly stocks, final fall harvest production yield, January delayed reports, and wheat planting intentions.
No new U.S. China news outside of next week’s talks in Beijing.
Treasury Secretary Steve Mnuchin said in a interview. “But let me just say, this soybean issue has been exaggerated and there’s a little too much focus on just the purchase of soybeans. That’s one of a lot of issues.”
Chart of the Day
Total U.S. fuel ethanol production declined for the third straight week last week, falling off a cliff within an environment of negative margins and horrible Midwest winter weather, to 967k barrels per day on the seven days ending Feb 1. That was down from 1.012 mln bpd last week and 1.057 mln bpd on the same week last year. It’s tied with the week ending 10/6/17 as the lowest single week in more than 2 1/2 years. Cumulative output since 9/1 (now 1.034 mln bpd) continues to slip further behind last year’s pace.