October corn grind, soybean crush up on month, year
Corn for ethanol use surged in October on a ramp up in production due to strong profit margins and some improvements in demand. That included a few weeks with near-record production levels.
The USDA says 469.312 million bushels of corn were used for ethanol production during October, a jump of 15% from September a rise of 8% from October 2020.
Production of distillers dried grains with solubles was 1,948,812 tons, an increase of 11% on the month and 7% on the year.
October’s record large soybean crush of 197 million bushels was up 33 million from the previous month and slightly above a year ago, driven by strong global demand for vegetable oils and livestock feed.
The USDA’s next set of supply and demand estimates is out Thursday, December 9th.