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The EIA reported that U.S. operable biofuel capacity reached 23.657 billion gallons a year in October, with renewable diesel capacity up 1.638 billion gallons from a year earlier. Biofuel producers consumed 28.819 billion pounds of feedstock in October, including about 25.762 billion pounds of corn.
Rising feedstock use by biofuel plants, especially corn for ethanol, increases domestic demand and supports corn prices.
canadianbiomassmagazine.caHaley NagasakiJan 3, 2024After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 296 past bullish report events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
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.
