PDF attached
EIA numbers were supportive WTI crude oil and corn futures. Weekly US ethanol production increased a large 57,000 barrels to 1.071 million, largest increase since October 15, 2021, and well above trade expectations calling for a modest 3,000 barrel increase. At 1.071 million barrels for the week ending May 27, this is the highest level since December 10, 2021. It does not change our perspective US corn use will fall short of USDA’s 2021-22 projection, unless production can average above 1.035 million barrels per day through the end of the crop year. Earlier this week, we lowered our US corn for ethanol use for the 2021-22 crop year by 35 million bushels to 5.340 billion, and compares to USDA’s estimate of 5.375 billion, and 5.033 billion for 2020-21. US ethanol stocks were down a large 741,000 barrels, third consecutive weekly decline and at 22.961 million barrels, stocks are lowest since January 7th.
US DoE Crude Oil Inventories (W/W) 27-May: -5068K
– Distillate Inventories: -529K
– Cushing OK Crude Inventories: 256K
– Gasoline Inventories: -711K
– Refinery Utilization: -0.60%
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18 W 140 Butterfield Rd.
Oakbrook Terrace, Il. 60181
W: 312.604.1366
ICE IM: treilly1
Skype: fi.treilly
Trading of futures, options, swaps and other derivatives is risky and is not suitable for all persons. All of these investment products are leveraged, and you can lose more than your initial deposit. Each investment product is offered only to and from jurisdictions where solicitation and sale are lawful, and in accordance with applicable laws and regulations in such jurisdiction. The information provided here should not be relied upon as a substitute for independent research before making your investment decisions. Futures International, LLC is merely providing this information for your general information and the information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision. The contents of this communication and any attachments are for informational purposes only and under no circumstances should they be construed as an offer to buy or sell, or a solicitation to buy or sell any future, option, swap or other derivative. The sources for the information and any opinions in this communication are believed to be reliable, but Futures International, LLC does not warrant or guarantee the accuracy of such information or opinions. Futures International, LLC and its principals and employees may take positions different from any positions described in this communication. Past results are not necessarily indicative of future results.
Weekly_EIA_Ethanol_Data-FI060222.pdf