Photo by Delfino Barboza on Unsplash

We kicked off the day with Unit Labor Cost QoQ Final Q3 and Nonfarm Productivity QoQ Final Q3 at 7:30 A.M. EIA Energy Stocks at 9:30 A.M., 17-Week Bill Auction at 10:30 A.M., Consumer Credit Change and Dairy Products Sales at 2:00 P.M.

On the Corn Front the Whitehouse launched initiatives to combat fuel prices. For the week ending October 24^th, the US average diesel prices continued to rise for the 3^rd week in a row. This story dates back to late October but barge rates and trucking rates caused by high diesel prices are killing profit centers across the board and Thanksgiving dinner proved the consumers dealt with higher prices and empty store shelves. In the overnight electronic session the December corn is currently trading at 624 which is 1 and ½ cents lower. The trading range has been 626 ½ to 624.

On the Ethanol Front the Heritage Foundation had commentary by Diana Furchtgott-Roth, Director, Center of Energy, Climate, and Environment and the Herbert and Joyce Morgan fellow, wrote higher ethanol mandates are a lose-lose for Americans. The key takeaways were this week the EPA proposed higher mandated volumes and percentage shares for the amounts of ethanol and biodiesel used in America’s fuel supply Secondly, the US is changing from a net importer to a net exporter of oil, more fuel efficient cars, the case for ethanol is weak.(Where are the oil exports coming from? The Strategic Petroleum Reserves SPR’s). Thirdly, ethanol production is contributing to increases in the price of food, both in the US and abroad. Ethanol futures remain dormant.

Let’s not forget this day of infamy with the attack on Pearl Harbor 81 years ago and also do not forget the 911 attacks 22 years ago as we remain One Nation Under God!

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