With yesterday’s ethanol production numbers (1.095 mln barrels per day, a 4.2% increase from last year’s mark), overall pace is down just 0.6% year over year, Allendale said. “At this time, we should meet USDA's goal assuming a few more weeks of this. There is the strong possibility we will slightly exceed their goal.”

Pressure in soybeans spilled over into the corn market, and that action is expected to continue in Thursday’s trade, Katie Murphy of CHS Hedging said. However, she also noted the U.S. Senate is expected to vote on the USMCA trade deal today, which would then move to President Trump’s desk.