January corn grind, soybean crush hit by weather

Corn for ethanol use declined in January 2024.

The USDA says 433.596 million bushels of corn were used for fuel alcohol production, below pre-report expectations, down 10% from December and 2% from January 2023, with partially impacted by inclement weather and tighter operating margins.

Production of distillers dried grains with solubles was 1,763,387 tons, a decline of 10% on the month, but a rise of 3% on the year.

The USDA says 195 million bushels of soybeans were crushed during January 2024.

That was a little bit less than what analysts were anticipating ahead of the report likely due to movement issues caused by weather and 9 million less than in December, but 4 million more than January 2023.

Once refined soybean oil production was down on the month and the year, while stocks were up, reflecting the stiff competition with imported vegetable oils for biodiesel production.

Soybean meal stocks were tighter.

For 2023, the USDA says soybean crush use and soybean oil production were above 2022 levels.

The USDA’s updated corn for ethanol use and soybean crush projections are out Friday, March 8th.

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