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US ethanol exports totaled 113.8 million gallons in February, an 11% drop from January, though average exports over the past four months were 25% above a year earlier. Distillers grains exports fell to a six-year low, with Brazil, Canada and India the leading ethanol buyers.
Softer ethanol and DDGS export demand adds to domestic overcapacity, weighing on ethanol margins and reducing demand for DDGS as a feed ingredient, which is bearish for DDGS and supportive of corn feed substitution pressure.
ethanolrfa.orgRenewable Fuels AssociationApr 17, 2019Not enough comparable past events yet for a historical read.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% 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.
