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CoBank's Q2 2023 quarterly report says U.S. ethanol producers earned pretax operating margins averaging 45 cents per gallon through late June, above the year-to-date average of 32 cents. Q2 production averaged 15.4 billion gallons annualized, modestly above the five-year average.
CoBank also flagged below-average Central U.S. corn conditions ahead of pollination.
Strong ethanol margins support continued corn grind demand and DDGS output, but dry Central U.S. crop conditions raise the risk of tighter corn supplies and firmer corn prices if July weather disappoints.
mnbiofuels.orgLiliana TovarJul 19, 2023After 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.
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.
