US - The pace of corn consumption remains mixed relative to the current USDA projections for the marketing year, writes Darrel Good.
Last week, the U.S. Energy Information Administration (EIA) reported that September 2014 ethanol production totaled 1.158 billion gallons, nearly eight per cent more than produced in September 2013.
The year over-year-increase reflected an increase in net exports of ethanol and a small build-up in stocks.
Domestic consumption during September 2014 was only 0.4 per cent above that of September 2013.
Weekly EIA estimates indicate that ethanol production in October this year exceeded that of last year by 2.2 per cent and that production in the first three weeks of November was 5.2 per cent larger than during the same period last year.
Production during the week ended November 21 was a record 288.7 million gallons, which is an annual rate of 15.05 billion gallons.
Ethanol production during the first quarter of the 2014-15 marketing year was likely about five per cent larger than during the same quarter last year.
Corn used for ethanol production may have been up slightly more than five per cent as corn represented a larger share of the ethanol feed stock.
You can view the full report by clicking here.
Good, D. "Monthly Review of Corn Consumption." farmdoc daily (4):229, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, December 1, 2014.
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