Weekly ethanol production and stocks data released this week shows levels are headed back towards 2019 levels. Arlen Suderman, Chief Commodities Economist for StoneX Group, Inc, says the levels indicate the market is breaking the pandemic mindset.
“Well, there’s certainly evidence of that. We see much of the country opening up, we still see a reluctance to fly, although those numbers are going higher as well. We’re seeing TSA numbers running around 70 to 75 percent of pre pandemic levels I should say, so that the of 2019 levels at this point. But that still means some people are driving worse they might have flown before. We still have a lot of people still working from home and not driving. So, we saw the gasoline consumption numbers get right up to 2019 levels and then this last week really fell sharply, I have a feeling that’s probably an aberration in the data that’ll be corrected next week.”