Ethanol production declining

Corn on Euronext/Matif moved sideways yesterday. The front month of March rose marginally by 0.25 euros to 206.00 euros/t; yesterday there was no uniform development for all tradable dates. After the completed harvest in Europe, the news situation remains unspectacular. Here and there, manageable quantities are traded, imports are well below the previous year's level due to the better European harvest and feed mills continue to be active in the market with the handbrake on in terms of their demand. But farmers are also hardly in a hurry to sell the quantities they have stored. Corn also went marginally south on the CBoT. The most traded March contract closed 1.25 US cents weaker at 487.75 US cents/bu (175.96 euros/t). The report of an export sale of 128,000 tons to an unknown buyer failed to bring the market into the profit zone. Ethanol production has recently been declining, with around 24,000 barrels fewer per day being produced last week compared to the previous week.Even the report from the agricultural consultancy Conab that sowing in Brazil is around 49 percent complete and is therefore 14 percentage points behind the pace of the previous year could not turn the contracts from negative to positive. There will be no trading on the CBoT today due to the Thanksgiving holiday.

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