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USDA data showed April corn use for ethanol fell 12% from March to 416.92 million bushels because of seasonal plant maintenance closures. Soybean use for biodiesel also fell from March but came in slightly above expectations at 178 million bushels.
Temporary drops in ethanol and biodiesel crush reduce near-term feed-co-product output and grind demand, though annual use is still on track.
biofuelsdigest.comMeghan SappJun 3, 2024After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
