USDA Increases Forecast For 2023-’24 Corn Use In Ethanol
APRIL 12, 2024
BY ERIN VOEGELE
The USDA increased its forecast for 2023-’24 corn use in ethanol production in its latest World Agricultural Supply and Demand Estimates report, released April 11. The agency also lowered its forecast for season-average corn prices.
In addition to increasing the forecast for corn use in ethanol, this month’s 2023-’24 corn outlook increases the forecasts for feed and residual use while reducing the outlook for corn ending stocks.
Corn used for ethanol is raised 25 million bushels to 5.4 billion based on data through February from the USDA’s Grain Crushings and Co-Products Production report and weekly ethanol production data reported by the U.S. Energy Information Administration for March. Corn use for ethanol was at 5.176 billion bushels for 2022-’23 and at 5.32 billion bushels for 2021-’22.
The USDA also increased its forecast for feed and residual use by 25 million bushels to 5.7 billion based on disappearance during the December-February quarter. With no supply changes and use rising, ending stocks are lowered 50 million bushels to 2.1 billion bushels. The season-average farm price is lowered 5 cents to $4.70 per bushel.
Source Link: https://ethanolproducer.com/articles/usda-increases-forecast-for-2023-24-corn-use-in-ethanol
