Grain Markets and Other Stuff
Grain Markets and Other Stuff
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E32 vs. E10: Why Brazil is Lapping the US on Ethanol

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April 10, 2026

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🌽 Corn is drifting lower despite a strong crude oil market, with funds trimming their net long position from recent highs. Ample old crop stocks and sufficient 2026 acreage estimates are keeping the bears in control.

🌾 Wheat tumbled to its lowest level since early March after a bearish USDA report showed surging US and world ending stocks. Drought remains a concern in HRW wheat areas, but the market is struggling to find bullish footing.

🫘 Soybeans are holding up better, with large money managers defending a hefty net long position near 190k contracts. US balance sheets could get tight with current acreage estimates — any weather hiccup could be a game changer.

🇧🇷 Brazil is eyeing a jump in its ethanol blend from 30% to 32% to ease consumer fuel costs amid rising global oil prices. The move would boost sugarcane demand and help mills struggling with oversupply and tight margins.

📊 USDA WASDE kept US corn and soybean ending stocks steady while raising wheat stocks to their highest since 2020. World corn stocks were revised higher but remain at an 11-year low, while world soybean stocks were trimmed below expectations.

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E32 vs. E10Reintroduce Myself BrazilUSDA WASDE

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E32 vs. E10: Why Brazil is Lapping the US on Ethanol · Grain Markets and Other Stuff · Sentinel