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Markets may as well have been closed today with how quiet prices were for a good chunk of the session today after recovering from trading new contract lows for all commodities to start off the day. That being said, all grains closed off of their lows today, shining mediocrely green across the board today, so there is a silver lining.
News headlines remain virtually unchanged with South America getting rains, tensions building in the middle-east and soft Chinese demand. However, our late in the day bounce can be attributed to afternoon weather reports showing drier mid-day weather maps for both Brazil and Argentina for the 11-15 day time frame today
Today's EIA report showed that commercial crude oil stocks decreased 2.5 million barrels to 429.9 million, while ethanol increased 1.3 million to 25.7. Ethanol production decreased 8 thousand barrels per day to 1,054 thousand.
The export sales report is due out tomorrow morning after being delayed one day for Martin Luther King day on Monday. Estimates are below.
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