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Corn for ethanol use, soybean crush up in July
Corn for ethanol use demand improved during July.
The USDA says 454.039 million bushels of corn were used for fuel alcohol production during the month, up 3% from June and 2% from July 2022, with producers encouraged by strong margins and mostly solid demand signals.
Production of distillers dried grains with solubles was 1,784,282 tons, a decline of 1% on the month and 8% on the year.
The USDA says a total of 5.208 billion bushels of corn were used in ethanol production during 2022, 1% more than 2021, while DDGS production was 21,638,356 million tons, 2% less than the previous year.
185 million bushels of soybeans were crushed during July. That was up 10 million bushels from June and 4 million from July 2022, spurred by solid domestic demand and improved export demand as the U.S. fills part of the vacuum left by a smaller crop in Argentina, which is usually the world’s leading soybean product seller.
Crude soybean oil production was 5% higher than the previous month, but less than 1% lower than last year, while soybean meal production was above both a month ago and a year ago.
The USDA’s updated corn for ethanol use and soybean crush projections will be released on Tuesday the 12th at Noon Eastern/11 Central.
The USDA’s updated corn for ethanol use outlook will be released on Tuesday the 12th at Noon Eastern/11 Central.
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