The Energy Information Administration (EIA) released its October Short Term Energy Outlook (STEO) cutting ethanol, biodiesel, and gasoline use projections for 2021.
EIA’s forecast of actual ethanol blending for 2021 is about 13.92 billion gallons, which is 11 percent of the forecast 126 billion gallons of gasoline use. Ethanol production for the rest of 2020 was forecast to remain the same as projected in September at 900,000 bbl/day and biodiesel will increase 1,000 barrels to 113,000 bbls/day for the rest of the year. Looking ahead to Friday’s WASDE, the EIA projections, on top of September 2020 weekly production, would put MY 2020/21 corn use at about 5,325 million bushels, or 225 million bushels more than th...
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...
