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USDA WASDE Maintains Forecast For Corn Use in Ethanol

  • Monday, 12 November 2018 14:32

Ethanol Producer Magazine

November 8, 2018

By Erin Voegele

On Nov. 8, the USDA released the November edition of its World Agricultural Supply and Demand Estimates report, forecasting corn production for 2018-’19 at 14.626 billion bushels, down 152 million bushels from October on a reduced yield forecast.

Feed and residual use is lowered 50 million bushels to 5.5 billion bushels based on a smaller crop and higher prices. Exports are reduced 25 million bushels to 2.45 billion bushels based on expectations of increased competition from Ukraine. With supply falling more than use, the report forecasts corn ending stocks down 77 million bushels when compared to October, to 1.736 billion bushels. The forecast for ethanol and byproducts use is maintained at 5.65 billion bushels. The season-average corn price received by producers is raised 10 cents to a midpoint of $3.60 per bushel.

Globally, corn production is forecast higher for China, Ukraine, Argentina, Kenya, Moldova, and Russia. EU corn production is lowered, mostly reflecting reductions for Hungary, Poland and Germany. Corn exports are raised for Ukraine, Argentina, and Moldova. Imports are raised for the EU, Vietnam and Iran. Not including China, foreign corn ending stocks are higher than last month, mostly reflecting increases for Argentina, Iran, Paraguay and Vietnam.

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