Ethanol makers are expected to consume record amount of corn from the 2016 crop, according to the latest U.S. Department of Agriculture supply/demand report, released last week.
Corn used to produce ethanol was raised 50 million bushels to 5.45 billion, based on the most recent data from the grain crushings and co-products production report. It estimated the amount of corn used to produce ethanol to be record high during December-February.
However, the report reduced feed and residual use and left ending stocks unchanged for the 2016-17 marketing year.
U.S. corn production, forecast at 15.15 billion bushels, was unchanged from the March report.
The season-average corn price received by...