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The USDA raised its FY2024 ethanol export forecast by $400 million to $4 billion, and projects a record volume that would exceed the FY2018 record of 1.6 billion gallons. It cited competitive U.S. prices and a more favorable U.S.-Brazil spread.
A record export forecast raises demand for U.S. ethanol and supports corn use for fuel. Stronger export competitiveness also adds to corn demand.
mnbiofuels.orgMay 2, 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.
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.
