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The USDA recently released its Grain Crushings and Co-Products Production report for June, reporting that corn use for fuel ethanol production in April was down when compared to both the previous month and the same month of last year.
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As I reported last week, the Agriculture Department raised its estimate on 2021 milk production in its latest World Agricultural Supply and Demand Estimates (WASDE) report issued April 9, based âprimarily on increased cow numbers.â Projected Class III and Class IV milk prices were also raised.
The 2020/21 U.S. corn outlook was for greater feed and residual use, increased corn used for ethanol production, larger exports, and lower ending stocks.Â
The feed and residual use projection was raised 50 million bushels to 5.7 billion, based on corn stocks reported as of March 1, which indicated disappearance during the December to February quarter rose about 6% relative to a year ago.Â