Weekly ethanol production has taken a different turn for now four weeks.

Nationwide corn planting advanced from 27% complete to now 36% over the past week. That was under the 39% trade expectation. It was also important was we now moved below the 39% five year average pace.

Corn sees two weeks of buying

For South America our main focus is the developing second crop of corn. From planting through the vegetative growth stage, January through mid-March, rains were -37% from normal. Mid-March to current rains, pollination to early kernel fill, have run -5% from normal. However, it must be noted the past two weeks with that seven-week count were problems at -60% and -71% from normal. The two-week forecast suggests this drier pattern to continue.

In February and early-March Allendale discussed the differentiation in basis between heavy supply years and tight supply years. In heavy supply years basis typically does not continue gains into summer that were noted in the spring. Given a potential sideways basis, and high interest rates this would suggest a potential need to move old crop cash corn and soybeans and conduct paper re-ownership if supportive price views are still held.

The Department of Labor's monthly employment report showed only 175,000 jobs added to non-farm payrolls in April. That was under the 243,000 trade expectation. It is also the lowest job gain in six months.

Weekly Actual Slaughter this morning detailed meat production statistics for the third week of April.

Beef export sales of 22,468 tonnes were reported. This was +12% from last year. Year to date bookings are -6% from last year. That is currently ahead of USDA’s whole-year goal of -8%.