Domestic demand for corn and soybeans in the United States remained firm in August, supported by continued activity in the ethanol and soybean processing industries, UkrAgroConsult reported.
USDA data showed that corn used for alcohol and other purposes reached 528 million bushels during the month, marking a 4% increase from August last year. Of the total, 478 million bushels were used in fuel ethanol production, also 4% higher year-on-year.
However, compared with July, overall corn use for processing fell by less than 1%.
Soybean processing also recorded year-on-year growth. Crushers processed 210 million bushels of soybeans in August, compared with 198 million bushels in the same month a year earlier, an increase of about 6%.
The August soybean crush was lower than the 222 million bushels processed in July, indicating a moderate month-on-month decline.
Soybean processing during August produced 2.45 billion pounds of crude soybean oil. The continued pace of crushing is supporting domestic soybean demand from both the food and biofuel industries.
Corn processing also produced 1.85 million tons of DDGS and 1.28 million tons of other distillers feed products during the month. Output of these distillers feed products was 5% higher than a year earlier.
As new-crop supplies begin entering the market, ethanol production and soybean crushing continue to provide significant domestic demand for corn and soybeans in the US.
