Sept 1, 2023
Corn for ethanol use demand improved during July.
The USDA says 454.039 million bushels of corn were used for fuel alcohol production during the month, up 3% from June and 2% from July 2022, with producers encouraged by strong margins and mostly solid demand signals.
Production of distillers dried grains with solubles was 1,784,282 tons, a decline of 1% on the month and 8% on the year.
The USDA says a total of 5.208 billion bushels of corn were used in ethanol production during 2022, 1% more than 2021, while DDGS production was 21,638,356 million tons, 2% less than the previous year.
185 million bushels of soybeans were crushed during July. That was up 10 million bushels from June and 4 million from July 2022, spurred by solid domestic demand and improved export demand as the U.S. fills part of the vacuum left by a smaller crop in Argentina, which is usually the world’s leading soybean product seller.
Crude soybean oil production was 5% higher than the previous month, but less than 1% lower than last year, while soybean meal production was above both a month ago and a year ago.
The USDA’s updated corn for ethanol use and soybean crush projections will be released on Tuesday the 12th at Noon Eastern/11 Central.
The USDA’s updated corn for ethanol use outlook will be released on Tuesday the 12th at Noon Eastern/11 Central.
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