Loading…
The USDA raised its 2023-24 corn use in ethanol forecast by 25 million bushels to 5.325 billion in the November WASDE. The agency also lowered its season-average corn price by 10 cents to $4.85 per bushel.
Higher ethanol corn use supports corn demand, but the lower price forecast and larger supplies are bearish for corn values in the near term.
mnbiofuels.orgNov 9, 2023After 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.
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.
