Corn for ethanol use, soybean crush down on month
Corn for ethanol use fell in February. The USDA says 399.844 million bushels of corn were used for fuel alcohol production, a decrease of 9% from January and 2% from February 2022. Those declines can be tied to uncertainties about ethanol consumption because of relatively high gasoline prices and poor producer margins. Production of distillers dried grains with solubles was reported at 1,560,717 tons, down 9% on the month and 8% on the year.
There were 177 million bushels of soybeans crushed in the U.S. during February. The USDA says that was 14 million bushels less than January of this year, but 3 million more than February of last year, which can both be linked to the relative availability of supplies. Refined soybean oil production came out at 1.7 billion pounds, 3% less than the previous month, but 8% more than a year ago.
The USDA’s next corn for ethanol use and soybean crush estimates are out April 11th.