3 Big Things Today, November 25, 2022
1. Grain Trading, Closed for Thanksgiving, to Resume This Morning
Grain and soybean markets were closed overnight for the Thanksgiving holiday.
Trading today will open at 8:30 a.m. and will close early at 12:05 p.m., according to the CME Group.**
2. Ethanol Production Jumps, Inventories Rise Week-to-Week
Ethanol output jumped and inventories climbed in the week that ended on Nov. 18, according to data from the Energy Information Administration.
Production of the biofuel increased to an average 1.041 million barrels a day last week, the EIA said in a report.
That's up from 1.011 million barrels the previous week.
In the Midwest, by far the biggest producing region, output rose to an average of 981,000 barrels per day from 954,000 barrels the previous week, the agency said.
Gulf Coast production increased to 24,000 barrels a day, on average, from 23,000 a week earlier. Rocky Mountain output was up to 15,000 barrels from 13,000 the previous week.
West Coast output improved to an average of 9,000 barrels a day, up from 8,000 barrels a week earlier and the highest level since Oct. 14, the government said.
East Coast producers posted the only week-over-week decline as production fell to 12,000 barrels per day from 13,000 a week earlier.
Ethanol inventories also rose, reaching 22.829 million barrels in the seven days through Nov. 18.
That's up from 21.298 million barrels a week earlier and the highest amount in storage since Oct. 21, the EIA said in its report.
3. Winter Weather Will Continue Today in Parts of West Texas
Winter storms are expected to continue in parts of the southern Plains this morning and wintry mix is forecast into the evening, according to the National Weather Service.
A winter-storm warning is in effect for eastern New Mexico into West Texas near the panhandle, NWS maps show.
As much as 6 inches of snow is projected near the New Mexico-Texas state line, though amounts will be lower further east where rain will be more prevalent, the agency said.
"People with travel plans on Friday and Saturday should consider making alternative arrangements as hazardous travel conditions are expected, especially within the winter storm warning," the NWS said.
In eastern Indiana and western Ohio, meanwhile, winds are expected to increase this weekend with gusts of up to 40 miles per hour possible, the agency said