Corn Rebounds, Demand Concerns Still Linger February 1, 2023
After the close USDA released the monthly report on ethanol plant activity. They reported December corn use at 425 million bushels. That was a sharp cut from our 2018/19 model year, -11.3%. That weather impacted month brings our four months of usage for this marketing year at 1.708 billion bushels. That is -6.5% from our model year. In order for us to hit USDA's 5.275 billion goal for this year we need the remaining eight months at 3.567 billion.
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Possible light fund short covering yesterday
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