| Boone & Crockett - 6/7/2017 07:08
E is a five billion plus end user, and will slow down the grind quickly, tempering a major rally.
I don't disagree with any of your statements generally, but I want to point out I have a few friends in the oil industry, one is tied to ethanol with accounting who says that there is a certain amount of hardwiring for ethanol at this point. To produce the volume they need to produce, ethanol could only be slowly weaned out not dropped all at once. He has also said that they hedge corn more than oil to protect their margins. So basis is their only exposure and we're talking about an industry that has pumped oil at a negative margin for most of the time the past 2 years.
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Which end user could afford to pay more?
