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May corn for ethanol mixed, soybean crush up
Corn for ethanol use during May sent mixed signals.
The USDA says 437.541 million bushels of corn were used for ethanol production, up 6% from April as some plants resumed operation following seasonal maintenance, but down 2% from May 2022 on questions about sustained demand.
Production of distillers dried grains with solubles was 1,702,061 tons, an increase of 5% from the previous month, but a decrease of 10% from the prior year.
Crush demand for soybeans during May was strong.
The USDA says the crush of 189 million bushels was 2 million above April and 8 million more than May 2022 as operations try to meet expected demand for soybean products, especially soybean oil.
Refined soybean oil production was 1.842 billion pounds, an increase of 10% on the month and 5% on the year.
Soybean meal production was 4,182,704 tons, also up on the month and the year.
The USDA’s updated corn for ethanol use and soybean crush estimate are out July 12th.
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