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May corn for ethanol use, soybean crush both higher
Corn for ethanol use bounced back in May.
The USDA says 453.68 million bushels of corn were used for fuel alcohol production in May 2024, up 7% from April as plants ended seasonal maintenance and 3% above May 2023.
Production of distillers dried grains with solubles was 2,002,984 tons, an increase of 14% on the month and 18% on the year.
Solid margins continue to support U.S. soybean crush activity.
The USDA says 192 million bushels of soybeans were crushed to produce meal and oil in May 2024, 14 million higher than April and 3 million more than in May 2023.
Soybean meal and oil production were both up on the month, but soybean oil production was down on the year due to differences in meal and oil yields.
The USDA’s updated corn for ethanol use and soybean crush projections for the current marketing year are out July 12th.
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