Declining ethanol supplies in the US

Corn remains in a downward trend. Yesterday the most traded June contract went south by 2.25 euros/t to 175.75 euros/t. The front month of March 24 also closed with losses at 175.74 euros/t. The fact that the Ukrainian government is assuming lower corn sowing did not support prices yesterday either. The overall negative environment for agricultural goods as a whole and the good global supply situation are causing prices to trend south. Overall, the situation on the cash markets remains calm. Slightly higher prices are traded in the north than in the south of Germany. Overall, there is also a good supply situation here thanks to supplementary offers from Eastern Europe. On the CBoT yesterday, the March contract lost 6.50 US cents and closed at 424.25 US cents/bu (155.69 euros/t). This means that the last multi-year low was once again undershot. Losses were limited yesterday by higher daily ethanol production, which now stands at 1.083 million barrels per day. Ethanol stocks have also fallen. However, since crude oil prices were also under pressure yesterday and the global supply situation is more than plentiful, these figures could not support the prices.

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