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Almost half of US corn-based fuel ethanol plants have shut down because of reduced fuel demand during COVID-19. National output fell to 672,000 barrels a day in the week of April 6, from capacity of 1.1 million.
Tharaldson Ethanol in North Dakota is still running and losing less money than it would if idle, with ethanol trading near 80 cents a gallon.
Lower ethanol output cuts corn grind and DDG supply, which is bearish for corn demand and supportive for substitute feed ingredients.
inforum.comMikkel PatesApr 16, 2020Not 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.
