The USDA maintained its 2022-23 forecast for corn use in ethanol production in its latest Global Agricultural Supply and Demand Estimates report, released on June 10.
USDA forecasts for corn acreage and yield are unchanged. The agency currently expects 89.5 million acres of corn to be planted in 2022-23, with a harvested area of 81.7 million acres and a yield per harvested acre of 177 bushels. The agency said it will release its acreage report on June 30, which will provide survey-based guidance on planted and harvested acreage.
Opening stocks increased by 45 million bushels, mostly reflecting lower expected exports for 2021-22. Exports are reduced by 50 million bushels, based on shipments reported by the US Census Bureau through April and export inspection data for May.
The USDA currently forecasts that 5.375 million bushels of corn will go to ethanol production in 2022-23, a forecast maintained from May’s WASDE. About 5.375 million bushels of corn were destined for ethanol production in 2021-22, compared to 5.033 million bushels in 2020-21.
Feed, seed and industrial use (FSI) is up 5 million bushels as projected increases in the amount of corn used for glucose, dextrose and starch are partially offset by lower corn syrup high fructose corn. These ISP usage changes are applied for 2022-’23. With no further changes in usage in 2022-23, ending stocks are increased by 40 million bushels. The average farm price for the season received by growers is unchanged at $6.75 a bushel.
Maize production is increased for Ukraine, reflecting a higher area based on data reported by the government. The main changes in world trade for 2022-23 include higher maize imports for the EU, but reductions for Morocco, Jordan and Peru. Foreign ending stocks of corn increased from last month, mainly due to increases for Ukraine and Russia. Global maize ending stocks, at 310.5 million tonnes, were up 5.3 million from last month.