Grains Take a Turn

Weekly ethanol production data from the EIA was released this morning. Though it would appear positive we won't get excited. 1.052 million barrels per day in production was reported for last week's activity. It sounds good as it was the best since November. But this is the peak driving season. Compared with the last normal driving season, 2018/19, this run was -2.7%. Year to date runs of -3.7% remain under USDA’s whole-year corn for ethanol goal of -2.4%. We remain behind USDA's corn for ethanol goal by 20 - 40 million bushels. Gasoline demand this past week was -5.6% from 2018/19. It was near the prior week’s -6.9% trade.

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