Lowest September crude corn oil exports since 2007
September crude corn oil production extended the modest YOY slump that began in July. Jul-Sep production totaled 529.6 million lbs, with 543.7 million lbs of crude oil used for refining, down 7 percent from Q3 2018. Crude corn oil used in refining was 171.4 million lbs, down from 178.7 million used in September 2018. Use of refined oil during the month totaled 167.1 million lbs, just slightly lower than a year ago.
The U.S. exported just 9,913 MT of crude corn oil in September, down 41 percent YOY. Exports of refined corn oil, at just under 1,300 MT, were down 56 percent YOY and notably low for September—even with the loss of export utilization we have seen over the last few years.
Lower utilization for refining and export allowed September crude corn oil ending stocks to rise to 45.4 million lbs, up 4 percent YOY. Lower production of refined corn oil was somewhat offset by lack of exports, but refined oil stocks fell to 36.2 million lbs in September, their lowest level since USDA began reporting in 2017.
Monthly corn oil exports
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