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NW IN | Nice research, Jon.
I see corn currently as a reluctant follower. Sure...China stepped in and bought some corn unexpectedly, but they haven't been in the market recently with the run up in price.
The corn demand picture is much less rosy than the soybeans. 3 main suppliers globally for soybeans and 1 had a hiccup last fall, with the other two limping along. China bought a lot and seems to, for the most part, be actually taking the physical.
Corn...meh...not going to run out and there are a lot less things one can do with 4.75 corn than 3.50. Feed is #1, then ethanol. Ethanol margins look to continue to be rough, DDG movement is a challenge, miles driven still not recovered...lots of headwinds on the corn side, especially in ETOH
Thanks again for the great summary and for posting it. | |
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Ethanol update. down 7.5% year on year Sept 1st
