Corn for ethanol rises as soybean crush falls
Corn for ethanol use continued to climb in November.
The USDA says November’s corn for fuel alcohol consumption was 468.655 million bushels, the second month in a row with a gain, and an increase of less than 1% from October and 9% higher than a year ago as strong margins and some improvements in consumer demand encouraged production.
Production of distillers dried grains with solubles was 1,997,444 tons, an increase of 2% on the month and 11% on the year.
November’s soybean crush was 190 million bushels, lower than expected, while down 7 million bushels from the previous month and 1 million from a year ago, a sign of uncertainties about demand, including global vegetable oil demand.
The USDA’s next set of supply and demand estimates is out January 12th.