US ethanol production continues to fall

As has often been the case in recent weeks, corn prices have not been able to find a consistent direction. The front month of March 2024 rose by 1.00 euros to 199.75 euros/t, the subsequent contracts moved slightly up to slightly down. Overall, the sales volume remains low, but was higher yesterday than on Tuesday. The domestic market is still quiet and regionally cheaper offers from Eastern Europe are competing with domestic providers. At the start of today's trading day, there are slight green signs in the two front dates. Ukraine is likely to harvest more corn than previously expected. APK-Inform estimates the harvest volume this year to be 1.6 million tons higher at 27.6 million tons, which should also increase the country's export potential. CBoT corn prices have declined. U.S. ethanol production is lower for the third week in a row, averaging 1.071 million barrels per day. Despite the decline in production, inventories continue to grow. There is no clear trend visible on the CBoT this Thursday.

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