Extending gains

Corn, soybeans and wheat futures extended gains from report day on Tuesday. Wheat led the way trading a little stronger than expected with KC Wheat putting in new contract highs. The big driver was an increased export tax imposed by the Russian Ag Ministry in an effort to curb food inflation. More rain across the corn belt will further slow the end of harvest. Ethanol production dropped of 6% last week while stocks rose slightly. Ethanol basis is firm and moving higher so this could be an off week as demand and margin are excellent. The markets will tell us if they have rallied enough for a minute or if they will run towards the monthly highs from the first week of November. NFC Grain Comments 11.11.21 (1)

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