CBOT is closed today for the Juneteenth holiday and will reopen tonight @ 7:00 PM CST

Crude oil is higher by $.85/barrel near the $75 mark with the U.S. dollar rallying 100 points

U.S. ethanol output fell to 1109K barrels/day last week vs. 1120K prior week and 1057K same week last year

U.S. ethanol stocks rose to 1.013 bil gal last week vs. 997 mil gal prior week and 992 mil same week last year

Corn used for ethanol totaled 107.5 mil bu last week vs. 108.6 mb prior week and 105.1 mb same week last year

Weekly U.S. Export Sales Report releases tomorrow @ 7:30 AM CST

CN25/CU25 spread is trading a 2-4c inverse while SN25/SQ25 is trading a 1-3c carry

CZ25 has been confined to a $4.35-4.55 range since May 1st with seasonal strength into June absent this year. SX25 has chopped rangebound $10.10-10.60 since May 1st with a recent breakout above a multi-year downtrend line enoucraging. Next crop contracts have made exciting moves as well in recent days as CZ26 presses the $4.75 area while SX26 has rallied to trade just beneath the $11.00 handle. As far as old crop is concerned, on-farm stockholders are in a tough spot with no easy decision to make. Short of a counter seasonal rally brought on by a July/August weather issue, it may be time to get behind the old crop bushels and turn attention to new and next crop marketing efforts.

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