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August corn for ethanol, soybean crush down on month
Corn for ethanol demand dipped in August, while holding above a year ago.
The USDA says 442.608 million bushels of U.S. corn were used for fuel alcohol production, down 3% from July due to season maintenance and questions about sustained demand, but up 3% from August 2022 thanks to better profitability.
Production of distillers dried grains with solubles was 1,783,405 tons, slightly lower than the previous month and 5% below a year ago.
169 million bushels of soybeans were crushed during August.
That’s a decrease of 16 million from July and 6 million from August 2022 due to tight domestic supplies. Crush margins have narrowed for some producers but remain in positive territory.
Crude soybean oil and soybean cake and meal production were also down on the month and the year.
The USDA’s next set of corn for ethanol use and soybean crush estimates are out Thursday, October 12th.
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