USDA RAISES 2011/12 CORN USE FOR FUEL ETHANOL

摘要

The US Department for Agriculture (USDA) expects a 2011/12 (Sep/Aug) corn usage for fuel ethanol of 5.050 bln bushels (1 bu=25.4 kg), up 50 mln on last month's projection. Weekly ethanol production has increased since mid-April, after gradually declining from the record levels of late December. The higher projection assumes slightly lower ethanol production during the Jun/Aug quarter, as com- pared with the same period last year. Corn exports were cut by 50 mln bu to 1.650 bln, as shipments and sales continue to fall off of the pace needed to reach last month's projection. Tight domestic supplies and increased competition, especially from Brazil, are also expected to reduce US export prospects during the summer months. Projected corn ending stocks for 2011/12 are unchanged on the last estimate as is the season-average farm price of $5.95-6.25 per bu, up from $5.18 in the preceding season.