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3 Big Things Today, November 24

Chicago Board of Trade Reopens, to Close Early; Ethanol Production Reaches a Record

1. Chicago Board of Trade Reopens This Morning After Thanksgiving Holiday

The Chicago Board of Trade will reopen this morning after being closed for Thanksgiving. Trading will close at noon today.

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2. Ethanol Production Reaches Record High Last Week, Stockpiles Highest Since July

Ethanol production rose to a record high last week, though inventories also increased.

Output of the biofuel in the U.S. jumped to an average of 1.074 million barrels in the week that ended on Nov. 17, according to the Energy Information Administration. That’s up from 1.054 million barrels and the highest ever, EIA data show.

The prior record of 1.06 million barrels a day was set in the week that ended on Sept. 1.   

Ethanol inventories, meanwhile, rose to 21.987 million barrles last week, up from 21.497 million seven days earlier and the highest level since July 14, the EIA said in a report.

In other news, several reports are being delayed due to the Thanksgiving holiday on Thursday.

The export sales report from the U.S. Department of Agriculture is due out this morning. Corn sales are expected from 900,000 to 1.1 million metric tons, soybean sales are pegged from 1 million to 1.4 million tons and wheat sales are forecast from 350,000 to 550,000 tons, Allendale said.

The Commodity Futures Trading Commission’s commitment of traders report is delayed until Monday.

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3. Wind Advisories Issued as Blowing Dirt, Fire Hazards Top Risks, NWS Says

A wind advisory is in effect for much of the eastern Dakotas this morning as gust up to 45 miles an hour are expected.

The wind is forecast to be sustained from 25 to 35 miles an hour, and likely will blow dust to the point that visibility may be a problem and large vehicles could tip over, according to the National Weather Service.  

Wind also is a problem in parts of southwestern Kansas where strong gusts and low relative humidity raises the chances of wildfires this afternoon. The fire watch is also in effect for the foothills of the Rockies and parts of eastern Colorado, the NWS said.

Meanwhile, some freezing drizzle is expected in parts of northern Minnesota and Wisconsin today, which could make travel dangerous in spots, the agency said in a report early Friday.

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