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US ethanol producers stayed margin-positive through 2023, averaging 41 cents/gal, but values fell to near three-year lows by year-end. Strong fourth-quarter production and softer gasoline markets drove the decline, while cheap corn and tight inventories supported margins.
Low ethanol values and cheap corn keep processors' margins positive, supporting steady corn grind demand. Ethanol weakness signals limited upside in corn prices unless policy support arrives.
spglobal.comMelvin LeeJan 4, 2024Not 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.
