3 Big Things Today, November 23
1. CBOT Trading Set For Shortened Day After Thanksgiving
The Chicago Board of Trade was closed on Thursday for Thanksgiving. Trading will resume at 8:30 a.m. and close early today at 12:05 p.m.
2. Ethanol Production Drops to Lowest Level in a Month, Stocks Decline
Ethanol production fell to the lowest level in a month, while stockpiles were also lower week-to-week, according to the Energy Information Administration.
Output of the biofuel, made from corn in the U.S., declined to an average of 1.042 million barrels a day in the seven days through Nov. 16, the EIA said in a report. That’s down from 1.067 million barrels a day, on average, the prior week and the lowest since Oct. 19.
Production in the Midwest fell to an average of 962,000 barrels a day, down from 988,000, East Coast output totaled 23,000 barrels a day, down from 24,000, and West Coast production declined by 1,000 to 20,000 barrels a day, the government said.
Gulf Coast output was the lone riser, adding 1,000 barrels a day, while Rocky Mountain production was unchanged week-to-week at 14,000 barrels a day.
Stockpiles of ethanol totaled 22.791 million barrels as of Nov. 16, down from 23.514 million barrels and the lowest amount since the week that ended on Oct. 26, EIA data show.
In other news, the U.S. Department of Agriculture will release its weekly export sales report this morning. Analysts expect corn sales from 600,000 to 900,000 metric tons, soybean sales from 550,000 to 850,000 tons and wheat sales from 300,000 to 600,000 tons, according to Allendale.
3. Winter Storm Watches Issued Starting Saturday From Western Nebraska to Western Illinois
Winter storm watches will be in effect for a big chunk of the Midwest stretching from western Nebraska south into Kansas and east into western Illinois, according to the National Weather Service.
The watches are in effect from late Saturday through Sunday afternoon, the NWS said in a report early Friday morning.
Heavy snow is possible in much of eastern Nebraska and western Iowa, where as much as 8 inches of snow is possible. Winds could gust as high as 35 miles an hour, the agency said.
In eastern Iowa and extreme western Illinois, rain will turn to snow throughout the day Sunday. Eight inches of precipitation is expected in the area, and winds will gust to around 30 miles an hour, creating hazardous travel conditions, the NWS said.