More corn is bound for ethanol production
This month’s 2017/18 U.S. corn outlook is for increased corn used to produce ethanol and reduced ending stocks, the U.S. Department of Agriculture (USDA) said in its World Agricultural Supply and Demand Estimates (WASDE) report last week.
Corn used to produce ethanol was raised 50 million bushels to 5.525 billion, based on increased sorghum export commitments and the most recent data from the Grain Crushings and Co-Products Production report, which estimated a lower-than-expected amount of sorghum used to produce ethanol during October. With no other use changes, ending stocks are down 50 million bushels from last month.
The projected season-average farm price is unchanged this month at a midpoint of $3.20 per bushel, but the range is narrowed 5...
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