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The EIA weekly report showed ethanol production at 617,000 barrels per day for the week ending May 8, up 3% week over week, with stocks down 5% to 24.2 million barrels. Standard Grain said corn grinding for ethanol was running at 60% of year-ago pace due to the pandemic.
Ethanol is the largest corn demand driver, so grinding running at 60% of last year's pace keeps corn demand weak and pressures prices unless ethanol output recovers.
rrfn.comCarah HartMay 13, 2020Not 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.
