3 Big Things Today, November 27, 2020
1. Grains and Soybeans to Resume Trading This Morning
Grains and soybeans will resume trading at 8:30 a.m. after being closed Thursday in observance of Thanksgiving.**
2. Ethanol Production Jumps to Eight-Month High, Stockpiles Also Gain
Ethanol output jumped to a fresh eight-month high while stockpiles also surged, according to the Energy Information Administration.
Production of the biofuel rose to an average of 990,000 barrels a day in the week that ended on Nov. 20, the EIA said in a report.
That’s up from 962,000 barrels a day, on average, the previous week and was the highest since the seven days that ended on March 20.
In the Midwest, by far the biggest producing region in the U.S., output surged to an average of 940,000 barrels a day, up from 916,000 barrels the previous week, the agency said. That’s the most since the seven days that ended on March 13.
Gulf Coast production increased to 17,000 barrels a day from 15,000 a week earlier. West Coast output rose to an average of 10,000 barrels a day from 9,000 the previous week, the EIA said.
East Coast output was unchanged at 13,000 barrels a day and Rocky Mountain production stayed at 10,000 barrels a day, the agency said.
Stockpiles, meanwhile, surged to 20.866 million barrels in the week through Nov. 20.
That’s up from 20.203 million barrels a week earlier and the highest since the week that ended on Aug. 28, the EIA said in its report.
3. Light Snow Forecast For Minnesota While Rain Expected in Oklahoma and Arkansas
Some light snow is expected in parts of north-central Minnesota this morning, though accumulations will amount to about a half-inch, according to the National Weather Service.
Temperatures in the area are expected to bottom out in the single digits over the weekend with overnight lows Sunday around 8 degrees Fahrenheit, the NWS said in a report early this morning.
Further south, in parts of eastern Oklahoma and northwestern Arkansas, rain is in the forecast as storm system moves into the area from the southern Rockies, the agency said.
“The most widespread rain is expected across southeastern Oklahoma, along with the heaviest rainfall amounts, each tapering down from south to north,” the NWS said. “Rain chances will end from west to east on Sunday as this system moves to the east, and a strong cold front moves through the area.”