Ethanol futures were flat as the cash market was mixed due to a bearish EIA report showing ethanol stocks increased as production increased and demand slowed. Corn was slightly lower without any fresh news to give it direction. The market is still unhappy over USDA adding to the large U.S. corn pile as demand slows. The only bright spot is the EIA increasing ethanol production last week, which was a plus for corn usage.
Crude oil futures hit a 2 1/2-month low Thursday morning due to the rising dollar and a build in inventories reported by the API Tuesday and the EIA data just released Thursday. DTN/The Progressive Farmer Energy Reporter George Orwel wrote: "New York Mercantile Exchange oil futures moved lower after a federal report confirmed a seventh weekly crude stock build while weekly demand improved. The Energy Information Administration (EIA) report detailed a 4.2 million barrel (bbl) crude stock increase, more than five times the 800,000 bbl draw analysts anticipated. The build was below the 6.2 million bbl week-over-week hike reported Tuesday by the American Petroleum Institute. The EIA report, delayed a day by the Veterans Day holiday, detailed a surprise 2.3 million bbl increase for crude stocks in Cushing, Oklahoma, delivery hub for NYMEX WTI crude. The market expected a draw of 500,000 bbl at Cushing. API also reported a build in Cushing last week." December crude settled mid-day at $41.75 per barrel, down $1.18 per barrel and January settled at $43.03 per barrel, down $1.17 per barrel.
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