Corn Overcomes Profit Taking Overnight

Corn Overcomes Profit Taking Overnight

Market waits for latest ethanol production numbers amid volatile RIN market. (audio)

The corn market is trying to keeps its rally hat on this morning, after battling back from profit taking during Asian screen trade. Tight old crop stocks continue to draw attention, with the focus today again on ethanol. The government reports production for the last week, when plant operating margins reached their highest level since December 2011. However, falling gasoline demand and lower ethanol production have made it hard for blenders to meet their mandates for usage under the RFS, sending prices for RINs, certificates they can use to make up for the shortfall, on a wild ride Tuesday.

Farm Futures Senior Editor Bryce Knorr offers an early look at overnight trade.

ETHANOL DRIVER: The corn market is watching ethanol demand in midst of a volatile RIN market.

You can listen to his commentary  by clicking on the audio link on this page.

Senior Editor Bryce Knorr first joined Farm Futures Magazine in 1987. In addition to analyzing and writing about the commodity markets, he is a former futures introducing broker and is a registered Commodity Trading Advisor. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports. Besides the Morning Call on www.FarmFutures.com he writes weekly reviews for corn, soybeans, and wheat that include selling price targets, charts and seasonal trends. His other weekly reviews on basis, energy, fertilizer and financial markets and feature price forecasts for key crop inputs. A journalist with 38 years of experience, he received the Master Writers Award from the American Agricultural Editors Association.

And check out www.DatelineDrought.com, which is focused on moving into 2013 after the devastating 2012 Drought and includes links from the Farm Progress family of magazines on a wide range of drought and farm management topics.

And we're offering a new free report - Baling Up Hay-Making Costs: A Buyer's Guide - ahead of forage season. Check it out.

TAGS: USDA Soybean
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