USDA WASDE increases forecast for corn use in ethanol
Summary
The USDA increased its forecast for 2021-’22 corn use in ethanol in its latest World Agricultural Supply and Demand Estimates report, released March 9. The agency said the higher outlook for corn use in ethanol is based on data through January from its Grain Crushings and Co-Products production report and weekly ethanol production data as reported by the U.S. Energy Information Administration for the month of February. Global coarse grain production for 2021-‘22 is forecast 1.5 million tons higher to 1.4989 billion. Foreign corn production is forecast modestly higher with increases for India and Russia that are partly offset by declines for Argentina and South Africa. Foreign corn ending stocks are higher, mostly reflecting increases for Ukraine, India, and Russia that are partly offset by reductions for Argentina, South Africa, and Bangladesh.