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Most ag commodities closed higher for the week ending December 27, with oats the only loser. Corn posted a fourth straight weekly gain, supported by short covering in soybean meal and firm export bookings of 1.71 MMT.
EIA data showed ethanol output edging up to 1.107 million bpd while ethanol stocks built.
Steady export bookings and rising ethanol output support corn demand, while the weekly gains reflect bullish positioning. Corn's price direction rests on continued export sales and ethanol demand.
agweb.comAustin SchroederDec 27, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Weekly summary cites short covering in soybean meal as a key market driver, consistent with a sharp bounce.
