The Wednesday HOT TAKE

May 22

Ten HOT Nuggets

#10 | 10 of the Best

I am thrilled to announce one of America’s largest airline carriers will be joining me on the Summit 24 stage:

Anthony Gregory - Chief Operating Officer of SAFFiRE Renewables and head of Southwest Airlines Renewable Ventures - will be on hand to discuss how their fleet will soon take to the skies, fueled by corn stover.

Southwest’s SAFFiRE Renewables, in partnership with Conestoga Energy, will produce low CI ethanol from corn stover as a feedstock for sustainable aviation fuel at their Liberal, Kansas plant.

The future is NOW and it will be live on stage at Summit 24 August 7-8 in St. Louis. I cannot tell you how excited I am for this lineup of speakers as this is truly turning into a ‘can’t miss’ event for anyone in agriculture, energies and beyond - and that’s NO BULL!

Only a few weeks left to save $100 with Earlybird Registration. Click HERE for more info and to register.

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#9 | 9 Months

Yep, still correlated:

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#8 | Crazy Eights

Also correlated:

The US saw record-large renewable diesel RIN generation in April at 283 million gallons, 32% larger than March and more than 60% above April 2023.

For the first 4 months of 2024, renewable diesel RIN generation is a record 957 million gallons - up 50% from this point in 2023 and a whopping 140% from this point in 2022.

Reminder: capacity expansion is not bullish unless the mandate expands in kind. Thankfully, it seems as if the market has gotten the message. D4 RINs have found somewhat of a bottom as production growth slows.

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#7 | 780 Million Bushels

Speaking of record - Mexico continues to smash records with each passing week, accumulating more U.S. corn commitments than any other time in history.

As of the week ending May 9, Mexico has purchased nearly 20mmt (780mbu) of 2023/24 corn - accounting for more than 40% of all US sales this marketing year.

China - on the other hand - hasn’t even hit the 100mbu mark in 2023/24 with 89mbu of US corn purchased, representing a whopping 5% of all commitments this crop year.

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#6 | Six Year Hiatus

Yesterday we saw a routine corn export sales flash to Mexico alongside an oddball flash to Spain (4.3mbu old crop corn).