December refined corn oil stocks near three-year high
In the February Fats and Oils report, USDA reported that production of refined corn oil totaled 182.2 million lbs in December, up 33.6 million pounds or 23 percent from November but down 7 percent from a year ago.
U.S. stocks of refined corn oil were 73.3 million lbs at the end of December, up 12.5 million pounds or 20 percent from November and the highest volume since February 2018. The sharp rise in corn oil pricing during 2020 and the lasting decline in production of both crude and refined corn oils may have diverted a portion of demand to canola oil. U.S. use of refined canola oil for processing totaled 1.87 billion pounds in 2020, up 9 percent from 2019 and the largest annual volume since USDA began reporting in 2015.
U.S. refined corn oil use vs. monthly stocks
Source: USDA, McKeany-Flavell estimate for December 2020 use
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