USDA pegs April corn for ethanol use at only 1% over last year.

The monthly report on corn usage in the nation's ethanol plants was released today. For April, 417 million bushels were consumed. This was +0.7% from last year. Given the year's prior strong usage the September - April pace is quite strong at 3.398 billion bushels. That is +6.1% from the prior year, over USDA's whole-year goal of a +5.3% gain. The remainder of the year can fall to +3.7% from last year and meet USDA.

We have light concerns with corn for ethanol. Only 2 of the past 7 weeks of ethanol production have met that needed goal.

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