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November corn grind, soybean crush down on month, year
The USDA says fewer bushels of corn were used for ethanol production in November. That is in-line with declining U.S. ethanol demand and tighter margins for ethanol plants.
447.397 million bushels of corn were used for ethanol production in November, 1% less than October and 4% below November 2021, while production of distillers dried grains with solubles was reported at 1,778,479 tons, an increase of 2% on the month, but a decrease of 11% on the year.
The soybean crush also declined, but the losses were relatively minor, with crush margins propped up by solid domestic demand for soybean products. November’s crush was 189 million bushels, 8 million under the previous month and 2 million from a year ago, crude soybean oil production falling 2% from last year while bean meal production improved slightly. Soybean meal and oil stocks were under year ago levels, reflecting that solid demand.
The USDA’s next set of supply and demand estimates is out on the 12th at Noon Eastern/11 Central.
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