By Kirk Maltais
--Corn for December delivery rose 0.8% to $4.35 1/2 a bushel on the Chicago Board of Trade Wednesday, ahead of Thursday's weekly EIA report, which analysts say may show a new record-high for production.
--Soybeans for January delivery rose 0.6% to $11.34 a bushel.
--Wheat for December delivery rose 0.1% to $5.36 1/4 a bushel.
HIGHLIGHTS
Going Higher: Average ethanol production in the U.S. may rise in this week's report from the EIA, according to analysts surveyed by Dow Jones this week. The EIA reported average ethanol production at 1.123 million barrels a day last week, which is the most ever reported by the EIA. It exceeds the previous record of 1.12 million barrels set in June. Analysts surveyed this week think the average could increase even more--in turn providing evidence for higher consumption of a potentially record-large U.S. corn crop.
Dragging Down: This Friday's WASDE report isn't expected to contain much in the way of market-moving news for U.S. wheat, said AgMarket.net in a note. With much of the pre-report hype centered around lower corn and soybean yields, CBOT wheat stayed flat throughout the day. "Lack of fresh fundamental news has made wheat a follower of the outside markets," said the firm in its note.
INSIGHT
Stacks of Soy: Market participants are worried that China may have purchased so many soybeans from South America that an oversupply has been created. This comes as no indications of China following through on promises to buy more U.S. soybeans have surfaced, with Brazilian soybeans seen still being a cheaper option. "So far, Chinese buying of U.S. soybeans has been very quiet," said Naomi Blohm of Total Farm Marketing in a note.
Tight Wallet: Government aid and exceptionally strong livestock prices boosted farm income this year, offsetting weak crop receipts, according to data from the University of Missouri's Rural and Farm Finance Policy Analysis Center. The group published reports covering farm income for 10 different Midwestern states, including states like Texas and Arkansas. In Minnesota for example, net farm income is seen as increasing 147% from $2.67 billion in 2024 to $6.59 billion in 2025--with a lot of support coming from the roughly $2.5 billion in government payments recorded this year.
AHEAD
Note: The government shutdown is impacting the timing of USDA reports and data releases.
--The EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Thursday.
--The USDA will release its November WASDE report on Friday, rescheduled from noon eastern time on Nov. 10 due to the government shutdown.
--The USDA is scheduled to release its monthly Cattle on Feed report at 3 p.m. ET Friday, Nov. 21.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
11-12-25 1528ET
