News

Soybean crush, corn for ethanol use up on year

The USDA reports another strong month for soybean crush use.

187 million bushels of soybeans were crushed in September, up 9 million on the month and 12 million on the year, with producers encouraged by strong margins and solid demand for soybean products.

Crude and once refined soybean oil stocks were lower than expected at 1.5 billion pounds, while soybean meal stocks were up from a year ago due to higher production.

Corn for ethanol use demand continues to be solid.

The USDA says 440.161 million bushels were used for fuel alcohol production in September 2024, 8% less than in August due to maintenance, but 3% more than September 2023 as producers try to keep up with demand.

While margins have narrowed at many plants around the Midwest, analysts generally expect continued strong domestic and export demand.

Production of distillers dried grains with solubles was 1,795,303 million tons, a drop of 10% on the month, but a gain of 4% on the year.

The USDA’s updated soybean crush and corn for ethanol use estimates are out November 8^th.