An increase in ethanol demand in the USDA May Supply and Demand report surprised traders. “The markets didn’t see the bear get fed in the U.S. figures,” said Mike Zuzolo, president, Global Commodity Analytics and Consulting. “What really surprised me is the 150 million bushel increase in ethanol consumption compared to last month. That’s a real eye-popper. USDA says we haven’t lost more ethanol demand at this stage. In fact, we recouped some. I think that really helped us with the 2020 ending stocks figure.”
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