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Corn grind, soybean crush down on month, up on year

Corn for ethanol use numbers were mixed in November.

The USDA says 464.938 million bushels of corn were used for fuel alcohol production, less than 1% below October, but 2% above from November 2023 as producers remained wary of tighter margins while trying to respond to demand expectations.

Production of distillers dried grains with solubles was 1,836,244 tons, down 2% on the month, but up 2% on the year.

Margins had some impact on November’s soybean crush.

The USDA says the crush was above expectations at 210 million bushels, 6 million lower than the all-time high hit in October due to a decline in profitability, but 10 million higher than the year before as crushers try to meet meal and oil demand projections.

Soybean meal and oil stocks were above the prior year’s levels because of the year-to-year rise in production.

The USDA’s updated corn for ethanol use and soybean crush estimates are out January 10^th.