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Soybean crush dips in February, corn for ethanol use rises

The U.S. soybean crush dipped a little bit from January to February.

The USDA says 194 million bushels of soybeans were crushed in February 2024, slightly below expectations and 1 million less than in January, but 17 million more than in February 2023. That month-to-month decline can be linked to fewer business days, while the year-to-year rise is because of solid demand for soybean products.

Soybean meal and oil stocks were below year ago levels.

Corn for ethanol use demand continues to be solid.

The USDA says 441.535 million bushels of corn were used for ethanol production, slightly more than the prior month and up 11% from last year.

That stronger than a year ago demand is partially due to demand expectations for ethanol, along with more favorable price for processors. Production of distillers dried grains with solubles were 1,811,166 tons, an increase of 3% on the month and 16% on the year.

The USDA’s updated soybean crush and corn for ethanol use projections are out April 11^th.