Awe Shucks! Corn Trade Shakes Off Ethanol Production DataHarvill Industries
The grain markets weren’t fazed today by the Ethanol production data released Wednesday which shows that production has increased from the week prior.
Ethanol production increased by 29,000 barrels each day last week, according to the U.S. EIA. If you can’t be bothered to do the math let me just tell you; that equates to over 41 million gallons produced each day that week, with annual production projected at a rate of almost 15 billion gallons, as reported by the RFA.
Ethanol hasn’t had much impact in the crude oil gasoline complex, despite rising to a 5 week high of 11.02% in the fuel industry, and all the while crude oil prices continue to fall.
At noon today, the corn market bears remained unfazed despite the info gathered from EIA reports.