The Energy Information Administration (EIA) released its June Short-Term Energy Outlook (STEO) today, dropping its forecast for ethanol use for the third month in a row. Per today’s report, consumption this year is projected to average 804,000 barrels per day (bpd), down from 815,000 barrels per day (BPD) in May. That is about 12.88 billion gallons.
Of course, much of the reduction for that yearly average is based on what has already taken place under the COVID-19 lockdown, with gasoline use down about 23 percent in Q2 2020. Ethanol consumption is projected to rebound in the second half of the year and continue for the next 18 months, as is ethanol production, but not really dramatically until the new corn marketing year with a 7.5...
What You Need to Know Today: Corn and soybean futures were lower to open the week, with funds still in control and in a selling mood. The upcoming WASDE report on Tuesday is also likely to feature larger corn and soybean stocks, which helped put grain futures on the defensive. Wheat futures we...
Key Takeaways: Currency exchange rates influence agricultural export competitiveness and producer profitability, even when underlying commodity prices remain unchanged. A weaker domestic currency allows agricultural exporters to receive more local currency for dollar-denominated sales, potenti...
Although inflation has remained elevated since the post-COVID surge, it steadily moderated until the past year. More to the point, today’s inflation looks very different from 2022, when the Consumer Price Index (CPI) peaked at 9 percent. During and after the pandemic, the M2 money supply...
