July Corn Eyes March Lows

The weekly EIA report held mixed news. Positive, general gasoline usage last week was +1.1% from the last normal driving season, 2018/19. That was a positive rebound after two low weeks, -10% and -9%. Negative, ethanol production last week was only 967,000 barrels per day. This was disappointing at -8% from the last normal year. Recent weeks had been strong. Year to date production is -3.3% which is just under USDA’s goal of -2.4%. We are okay with the current light discrepancy.

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