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Big month for corn grind, soybean crush

Corn for ethanol use and the domestic soybean crush were both strong during October.

The USDA says 461.479 million bushels of corn were used for fuel alcohol production during October, an increase of 7% on the month and 3% on the year as producers took advantage of lower corn prices, solid margins, and good demand.

Production of distillers dried grains with solubles was 1,796,272 tons, up 6% from September and 3% from October 2022.

The USDA says 201 million bushels of soybeans were crushed during October, the most for any month ever, a jump of 26 million from the previous month and 4 million more than last year.

Domestic crush margins are bullish, with solid demand for both soybean meal and soybean oil.

U.S. meal and oil production for October were also up sharply from the prior month and modestly from a year ago.

The USDA’s updated corn for ethanol use and soybean crush projections are out Friday at Noon Eastern/11 Central.

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