Ethanol futures trickled fractionally lower based on falling corn markets Wednesday, as with the focus through the rest of complex regaining market support based on seasonal buyer activity through the end of April.
Strong crude oil buyer support developed across the market, which helped to draw follow-through buying back into the RBOB gasoline market. This may create some additional longer-term support through the complex even though ethanol futures remain under pressure. Ethanol inventory levels slipped at the end of last week according to the latest EIA report, falling 1.9% from the previous week. Even lower supplies, falling production and growing demand was unable to offset the pressure in corn prices midweek.
Rick Kment can be reached at firstname.lastname@example.org
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