The USDA increased its estimate of this year’s corn harvest to a record 13.3 billion bushels while lowering its corn use forecast for ethanol production.
The latest harvest forecast is up 2 percent from last month and 26 percent larger than last year. The report projects an average yield of 155.8 bushels per acre, up 6.7 bushels from last year’s average.
Meanwhile, USDA cut its corn use forecast for ethanol in the marketing year that began Sept. I. It’s now at 3.3 billion bushels versus the previous forecast of 3.4 billion bushels. Ethanol use is lowered based on indications of declining plant capacity utilization and a slower than expected start-ups, USDA reports in its latest World Supply and Demand report. USDA estimates that ethanol plants used 2.1 billion bushels of corn in the marketing year that ended Aug. 31, and used 1.6 billion bushels the previous year.
Source:
Pork Alert, September 18, 2007
http://www.porkmag.com