
Ethanol industry margins improved modestly in May, with a Kansas State estimate of about $0.03 per gallon profit. Lower corn costs of about $4.49 and firmer ethanol, DDG and corn oil prices drove the turn.
Ethanol output had pulled back in recent weeks even as summer fuel demand was expected to rise.
Improved margins support ethanol plant run rates and corn grind, but the recent output pullback and firmer DDG prices give mixed signals for feed co-product supply. The impact on feed prices is modest.
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.