Corn Futures Market News and Commentary
Corn prices settled with gains after trading weaker through midday. New crop led the way and ended up by a nickel, as old crop prices closed 1 to 2 3/4 cents higher. The new crop soy/corn ratio was 2.281 going home.
Monthly NASS data showed 425.283 mbu of corn was used for ethanol production during December. That was a 5.5% drop from November’s draw and was 11% below Dec ’21. The four month pull was 1.708 bbu, or 32.4% of USDA’s forecast.
EIA reported ethanol producers averaged 1.028 million gallons of daily production through the week that ended 1/27. That was a 16k barrel per day increase from the week prior and marked the 3rd consecutive +1m bpd production week. Producers were averaging 1.042 million barrels per day during the same week last year. Ethanol stocks were 635k barrels lighter at 24.442 million.
United Airlines announced plans to source ethanol based jet fuel by 2028, by partnering with Green Plains, Tallgrass Energy Partners and Blue Blade Energy.... Read more