Market Report: It Could Have Been Worse

Corn was down about 1 cent today and beans down 5-8 cents. Both closed well off the lows of the day. The EIA reported ethanol production last week was down 17,000 barrels per day to 947,000 barrels per day. Also bearish, ethanol stocks were up 510,000 barrels to 21.59 million barrels.

The truckers' strike in Brazil is getting nasty. The truckers are blocking the major highway to get beans to the ports and it is spreading. The attorney general in Brazil has gotten involved, threatening huge fines to be imposed on the truckers. The USDA will release the export sales report tomorrow morning. If we get good export sales, maybe the grains will stabilize. I don't think it is realistic