July corn for ethanol usage puts us on target.

USDA's monthly corn for ethanol report, covering July activity, was positive at 474 million bushels. That was +4.0% from one year ago. It offsets a weak June usage. Year to date usage, September - July, now runs 4.988 billion bushels. We are closing on USDA's whole-year goal of 5.450 billion.

The last month, August, needs to run 462 million bushels. This requires a +4.7% year/year. Given our 1.3% poorer efficiency August only needs to see ethanol production +3.4% year/year. That appears reasonable given the first three weeks of the month at +3.7%. Old crop corn for ethanol is slated to meet, or slightly exceed, USDA's current goal.

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