Nov. corn grind, soybean crush down on month
Corn for ethanol use remains restricted by reduced demand caused by lower travel levels influenced by COVID-19, while solid export demand led to a strong month for the soybean crush.
The USDA says 431.661 million bushels were used for fuel alcohol production in November 2020, down 1% from October and 5% below November 2019. Lower ethanol numbers are also impacting production of a byproduct used for livestock feed. Production of distillers dried grains with solubles was 1,794,035 tons, 2% less than the previous month and 5% below the year before.
The USDA says 191 million bushels of beans were crushed in November, 6 million lower than the all-time record for any month set in October, but 16 million higher bushels than November 2019. Over the last few months, Argentina, the world’s biggest exporter of soybean products, has seen reduced sales because of a tighter domestic supply, producers holding onto beans citing export tariffs, and periodic loading delays at key ports.
The USDA’s next set of corn for ethanol use and soybean crush estimates is out January 12th at Noon Eastern/11 Central.