It was an exciting day in corn, or maybe beans, but all the March wheat futures finished within a penny of unchanged.
After liquidating intermarket spreads of oats and ethanol vs corn, I am back looking at those relationships again. Ethanol's backwardation has eased, but remains persistent. Ethanol inventories are still shrinking. There is a lot of uncertainty around legislation to continue the blender credit. Interesting situation which I think has more upside for ethanol than downside.
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