Ethanol Margins a supporting force in the corn market – 9/11/2023
An ethanol price rally associated with higher gasoline prices and seasonal harvest pressure on corn values has pushed corn derived ethanol margins over $3.00 per bushel. Better ethanol processing margins could keep Midwest cash corn bids above $4.00 / bushel. A harvest low under $4.00, basis Midwest corn at farm elevators, appears likely if the energy rally fails this autumn.
| Week ending | Margin $/Bu. | Ethanol $/Gallon | 10 % Distillate Grain $/ton | Corn $Bu |
| 9/8/2017 | $1.88 | $1.48 | $104.38 | $3.19 |
| 9/8/2018 | $1.44 | $1.25 | $130.00 | $3.21 |
| 9/8/2019 | $1.15 | $1.29 | $124.13 | $3.56 |
| 9/9/2020 | $1.76 | $1.43 | $150.23 | $3.57 |
| 9/10/2021 | $2.79 | $2.46 | $196.00 | $5.84 |
| 9/10/2022 | $2.04 | $2.55 | $240.00 | $7.19 |
| 9/10/2023 | $3.10 | $2.28 | $211.33 | $5.14 |
Note No. 2 yellow corn bids at country elevators have been trading $.40 to $.60 per bushel under bids at ethanol plants in recent weeks.