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NuGen Energy's Marion, South Dakota ethanol plant is taking grain sorghum for the first time since 2016 because farmers could not plant corn this wet year. Post cash milo was $4.23 per bushel versus corn at $4.52.
Sorghum is a substitute for corn in feed and ethanol, so prevented corn planting shifts demand toward milo and supports sorghum prices while adding acreage that competes with corn feed use.
governorsbiofuelscoalition.orgJun 18, 2019Not enough comparable past events yet for a historical read.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
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.
