USDA lowers forecast for 2022-’23 corn use in ethanol production
Summary
The USDA lowered its forecast for 2022-’23 corn use in ethanol production in its latest World Agricultural Supply and Demand Estimates report, released Feb. 8. Globally, the 2022-’23 forecast for foreign corn production is down, with a decline for Argentina partially offset by increases for the Philippines and Vietnam. Major global trade changes for 2022-’23 include higher projected corn exports for Brazil, Ukraine, Paraguay, Tukey and Indonesia, with a reduction for Argentina. For 2021-’22, Argentina’s exports for the marketing year beginning March 2022 are lowered based on observed shipments to date, while Brazil is raised. Foreign corn ending stocks are down relative to last month, with declines for Ukraine and Indonesia that are partly offset by increases for Brazil and Canada.