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USDA projections point to record corn usage above 15 billion bushels for the 2018/19 marketing year, with ending stocks falling by over 300 million bushels. Export commitments are up 16% from a year earlier, and feed use is expected to be the largest in the ethanol era.
Usage exceeding production draws down stocks, which supports corn prices, with futures possibly reaching a three-year high. Weak ethanol margins are a risk to the ethanol-linked demand that underpins this outlook.
ag.purdue.eduSarah E Zahn, Morgan FrenchDec 5, 2018Not 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.
