Rising US ethanol production

Corn was unchanged yesterday. The most traded June date also closed on Wednesday at 176.75 euros/t. The later contracts sometimes showed slightly increasing trends despite low sales volumes. The availability of corn remains good; although the latest import figures show a significantly lower import volume in Europe, there are still sufficient quantities available to meet the prevailing demand due to the higher domestic harvest. The Ukrainian Ministry of Agriculture announced yesterday that 5.3 million tons of grain were exported in February, 600,000 tons more than in February 2023. So far, Ukraine has been able to ship 29.1 million tons of grain throughout the season, including 15 .8 million tons of corn. Across the Atlantic, corn ended the session in Chicago with rising prices for the third trading day in a row. The US Energy Administration reported daily ethanol production of 1.078 million barrels/day. That's about 6,000 barrels per day more than the previous week. Due to higher production, inventories also increase. Today the USDA will release weekly export sales. Traders are expecting a wide range between around 600,000 tonnes and 1.2 million tonnes. In Brazil, the trade association Anec has confirmed its export forecast for February and is expecting exports of 716,700 tons. There are also slightly green signs on the CBoT this morning before the trading session.

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