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Wednesday was a negative day for our markets. Spot corn closed down 6 1/2, spot soybeans closed down 9, spot winter wheat up down 2 3/4 and spot spring wheat closed down 4 1/4.  In the overnight trade soybeans have turned positive, corn and spring wheat are right around even and winter wheat is still on the negative side. Oil closed up $0.48 yesterday at $59.12 per barrel. It is stronger in trading again this morning with it now valued at $59.25 per barrel. Our dollar had a high yesterday of $0.717 US, but it was general a negative day for trading. This morning it is currently valued at $0.716 US.

A softer day in the markets yesterday, a small correction in the corn and wheat markets after a the rally earlier in the week supported by the unrest in the black sea region.

Post harvest rallies in the corn and soybean market are slow to be supported by cautious traders, with some of the fundamental concerned, mainly the record US crop. Demand is record strong as well, but trader are unsure where the demand will line up with the supply.

Soybean acres are down this year in the US, which should be supporting the market, but the lack of Chinese sales this week are concerning. Especially since there were several sale announcements last couple week. Traders are probably also waiting for the USDA’s WASDE report next week Tuesday to decide if they want to support the market or not.

The ethanol market had a record production last week at 1.126 million barrels, 3000 barrels per day larger than the week before. Up 1.1% through the corn marketing year. Expecting 3% of corn to be used for Ethanol production, which is why it isn’t getting much attention in the corn market.