Corn-for-ethanol use totaled 468.8 million bu. during March, up 23.3 million bu. (5.1%) from February and 32.7 million bu. (7.5%) more than last year. Traders expected corn ethanol use of 464.5 million bushels.
Through the first seven months of 2023-24, corn-for-ethanol use ran 6.7% above the same period last year. To reach USDA’s forecast of 5.400 billion bu., ethanol use would need to run 1.0% above last year during the final five months of 2023-24. Based on EIA data, ethanol production averaged 1.3% above year-ago during April. Our corn-for-ethanol use forecast is 5.425 billion bushels.
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