| IN555 - 6/30/2024 17:00 I think the big question going forward is how much cheaper can corn get vs oil for any kind of extended time? We have to be approaching corn being as cheap as it has been since the ethanol boom as an energy source vs oil.
When corn is in short supply the oil price matters because gas price indirectly determines what ethanol plants can pay for corn.
When corn is in surplus the ethanol plants aren't going to pay more than they have to to source corn just because they could.
The only way that cheap corn vs oil price relationship matters is if it would hang around long enough to encourage expansion in the ethanol sector. Honestly, that's probably much more dependent on political football than anything else.
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M2M
