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S&P Global reports U.S. fuel ethanol exports reached 29.598 million barrels in the first eight months of 2024, up 34.92% from 2023. Exports are on pace to beat the 2018 record of 40.976 million barrels.
Low U.S. prices, with the benchmark averaging 23.84% lower than 2023, and falling Brazilian export availability are driving the gains.
Record ethanol exports increase U.S. corn demand from the fuel sector. Brazil's reduced export supply is opening overseas markets to U.S. product.
spglobal.comMelvin Lee, Vinicius DamazioNov 19, 2024After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), 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.
