Grains Find a Pick-Me-Up, Ethanol Seen as Positive

EIA’s implied gasoline demand for last week was positive at +0.9% from our model year 2018/19. The prior week was also positive at -0.1%. The general trend for 50 weeks is -7%. Also in this report was ethanol production data. Last week's run produced, 1.003 million barrels per day, -2.4% from our model year. Year to date production is -4.0%. USDA’s whole-year goal is -2.4%. We remain lightly behind USDA's hope. They "could" trim their corn for ethanol estimate a little on next week's supply/demand report if they wanted.

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