FAO’s Food Price Index (FPI) fell for a fourth straight month in July, down by nearly 9 percent from June, adjusted for inflation, the steepest monthly drop, in percentage terms, since October 2008. The FPI is still up 11 percent YOY, supported especially by [...]
In the January WASDE, USDA increased its 2021/22 U.S. corn production estimated to 15.115 billion bushels, up 53 million bushels from the December estimate. USDA raised 2021/22 corn ending stocks to 1.540 billion bushels, up 47 million bushels from the previous forecast. Corn exports [...]
In the June WASDE, USDA lowered its 2020/21 corn ending stocks to 1.107 billion bushels, down 150 million bushels from the May figure and well below industry expectations. The drop in stocks was caused by 2020/21 U.S. exports and ethanol demand each rising by [...]
In the July WASDE, U.S. corn feed demand and ethanol demand in 2019/20 were lowered by 100 million bushels and 50 million bushels, respectively. Lower demand in 2019/20 lifted ending stocks to nearly 2.25 billion bushels, up 145 million bushels from the June estimate. [...]
The June WASDE features few major changes to the overall corn outlook. Ethanol demand in 2019/20 was reduced by 50 million bushels to 4.900 billion bushels. This was partially offset by 2019/20 production falling by 46 million bushels, mainly due to unrecovered corn in [...]
The erosion in ethanol demand continues, with production during the week of Apr. 10 hitting a ten-year low, averaging just 570,000 barrels per day and down about 44 percent vs. last year. About half of U.S. ethanol plants have shut down, including Valero announcing [...]
After more than a year of record ethanol output, production may finally be starting to slow. In its December WASDE report, USDA reduced total corn demand for ethanol manufacturing by 50 million bushels to 5.6 billion bushels for 2018/19. Ethanol margins have been squeezed by low crude oil prices paired with an increase in corn futures prices. Ethanol futures, conversely, reached the lowest [...]
