The USDA has increased its estimate of corn for ethanol production by 350 million bushels over projected use in 2008/2009. The new estimate is 4.1 billion bushels of corn to be used to produce ethanol in the 2009/2010 marketing year beginning Sept. 1. It also increased its estimate for the 2008/2009 period by 50 million bushels to 3.75 billion bushels.
The agency also predicted corn production for 2009/2010 at 12.1 billion bushels, down 11 million bushels from 2008/09. Lower plantings are forecast.
U.S. soybean production for the 2009/2010 season is projected at 3.2 billion bushels, up 236 million bushels from 2008/09. For more, click here.