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.&nbsp;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.&nbsp;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.&nbsp;Foreign corn production is forecast lower as cuts for South Africa, Argentina, Mexico, and Moldova are partially offset by increases for the EU and the Philippines. Corn production is cut for South Africa as a continuation of drought during March further reduces yield prospects. Argentina and Mexico are both lowered reflecting a decline in yield expectations. EU corn production is raised mostly reflecting increases for Hungary, Poland, Spain, and France that are partly offset by declines for Romania, Slovakia, and Bulgaria.&nbsp;Major global trade changes for 2023-‘24 include lower forecast corn exports for South Africa, India, and Tanzania but an increase for Russia. Corn imports are lowered for the EU, Saudi Arabia, Bangladesh, Thailand, Cuba, and Kenya but raised for Mexico. Foreign corn ending stocks are essentially unchanged, mostly reflecting declines for Mexico and South Africa that are offset by small increases for several countries. Global corn ending stocks, at 318.3 million tons, are down 1.4 million from last month.

2024-04-11 - USDA increases forecast for 2023-’24 corn use in ethanol  (Ethanol Producer Magazine)

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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. 

USDA increases forecast for 2023-’24 corn use in ethanol

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