Tidbits, Crude Inventories, Brazil and China Basis, Broilers & Ethanol 3/27/25
- Wright Team
- Mar 27
- 5 min read
Tidbits
Corn was sharply lower yesterday because of the weekly ethanol report (see below) and the fear of Monday’s USDA acreage and inventory report as well as continued tariff rhetoric.
New orders for durable goods in the U.S. unexpectedly increased $2.7 billion or up 0.9% in February versus January following an upwardly revised 3.3% jump in January. The market expected February durable goods to be down 1%. Later this morning, we will get the U.S. GDP update. The market expects 2.3% growth, down from 3.1% in January.
The U.S. Energy Information Administration (EIA) reported yesterday that crude oil inventories in the U.S. fell by 3.341 million barrels last week. The market expected an increase of 1.6 million. Inventories of gasoline, diesel, and heating oil inventories all declined, but about as expected.
Yesterday we reported data from the American Petroleum Institute (API). API reports a day before EIA, both measure U.S. crude inventories and usually point in the same direction, but the numbers differ. There are four reasons for that:
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