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A grain trader says reduced ethanol output and closed plants, including Valero's Riga, Michigan facility, are disrupting grain flow and adding corn inventory in Ohio, Indiana and Michigan. POET also cut back at its Caro facility.
The Renewable Fuels Association disputes EPA's August 9 approval of more than 31 small refinery exemptions, which it says could shift $10 billion from ag and biofuels to oil.
Lost ethanol grind removes a major local corn outlet, widening regional basis weakness, while small refinery exemptions reduce biofuel demand for corn.
brownfieldagnews.comNicole HeslipAug 23, 2019After 310 past bearish policy events, Corn moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% 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.
