Corn-for-ethanol use totaled 442.3 million bu. during June, falling shy of the average pre-report estimate of 450.0 million bushels. Corn ethanol use fell 13.1 million bu. (2.9%) from May and was only marginally bigger than last year.
Through the first 10 months of 2023-24, corn-for-ethanol use 4.508 billion bu., up 229 million bu. (5.4%) from the same period last year. To reach USDA’s forecast of 5.450 billion bu., corn ethanol use must run 5.0% above year-ago over the final two months. Despite the disappointing June figure, we maintained our 2023-24 corn-for-ethanol usage forecast at 5.475 billion bushels.
