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USDA Trims Forecast of Corn Use for Ethanol by 100M Bushels
12 July 2009
The US Department of Agriculture lowered the forecast for corn for ethanol use by 100 million bushels in its 10 July World Agricultural Supply and Demand Estimates (WASDE) report to 3.65 million—still up from 3.026 million bushels last year, and less than the 4.1 million bushels forecast for next year.
The decline in corn prices has boosted ethanol producer margins; however, reduced production of gasoline blends with ethanol in May and June, based on the most recent weekly data, indicate lower-than-expected ethanol corn use.
—WASDE-472-2
USDA projects the marketing-year average price for corn at $3.95 to $4.15 per bushel, down 15 cents on both ends of the range reflecting sharply lower summer price prospects.
Corn area planted for this year is 86 million acres, down from 93.5 million last year, and yield is projected at 153.9 bushels per acre, up from 150.7 last year. Total supply, including new production, beginning stocks and imports, is projected to be 13.740 million bushels. Ethanol production will account for 26.6% of that.
July 12, 2009 in Brief | Permalink | Comments (2) | TrackBack (0)
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Posted by: Anne | July 12, 2009 at 08:44 AM
"153.9 bushels per acre"
That seems like a good yield to me. They could use the Starlink corn for this, but then the pollen would get into other corn fields and Monsanto would sue them for patent infringement on the seed corn.
Posted by: SJC | July 12, 2009 at 12:05 PM
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Oops, a few mixups of million and billion there.
3.65 billion bushels is good for ~10 billion gallons of ethanol.