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216674

3 Big Things Today, November 28

EPA Ups Ethanol Levels; Bumper Crops, Ending Stocks Result in Grain Storage Shortage.

1. EPA Increases Ethanol Requirements

The EPA has increased the target for renewable fuel use for 2017. The total for all fuel comes to 19.28 billion gallons, which is an increase from this spring’s proposal for 18.8 billion gallons. 

That 19+ billion gallons is divided between 15 billion gallons of conventional biofuel, mainly corn-based ethanol, and 4.28 billion gallons for the advanced biofuels mandate, according to Reuters.

This is a win for the ethanol industry, who has continued to encourage regulators to meet the ethanol requirements set out in 2007. 

Get more details on the EPA announcement.
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2. Grain Storage Shortage Expands

With a bin-buster crop this year and large ending stocks, the grain storage shortage is expanding across the Corn Belt.

Kansas tops that list with an estimated shortage of 320 million bushels, according to the USDA. Last year, the state’s shortage was less than 50 million bushels.

Other states that have run out of grain storage this year include Nebraska by 270 million bushels, Illinois by 240 million bushels, Iowa by 190 million bushels, and Missouri with 180 million bushels. 

“We are carrying more corn into the new crop year, and our crop sizes have been increasing, as well,” explains Ray Jenkins, retired grain merchandiser. “With the combination of these two things, we end up with a pretty big bulge in the fall months.”

Learn more about the shortage problem and what you need to consider before 2017 harvest.
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3. Severe Thunderstorms Headed to Southern U.S.

Thunderstorms and showers are expected to move across the southern U.S., starting this afternoon in eastern Texas and moving east through Louisiana tomorrow. The storm has the potential for damaging winds, large hail, and a few tornadoes. 

A front will swing upward into the Midwest, moving through Missouri and southeastern Iowa. There is a small chance this will bring scattered showers with thunderstorms in the middle of the day. 

The rest of the Midwest looks clear. Temperature lows will range from the 50s and 60s in Missouri and parts of eastern Kansas to the 30s from Nebraska through Minnesota. The I-states will stay a bit warmer today, with lows in the 40s. 

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