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Demand for ethanol in 2007-08 estimated at 3.4 bil bu vs 2.15 billion in 2006-07 or 58% higher. Given the pace of ethanol production for the first six months of 2006-07 there is no need for USDA to increase corn use for ethanol. 2006-07 ethanol demand is forecasted to be 34% higher than 2005-06 and for the first six months of 2006-07 the pace is running only 27% higher and will now need to see each month's production of the six remaining to be 41% higher than year ago levels.
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Exports: USDA must have realized corn shipments, not sales are in trouble for 2006-07 as it reduced potential from 2.250 bil bu to a new level of 2.2 bil bu. New crop export potential has been reduced to 1.975 bil bu vs Allendale's estimate of 2 bil bu.
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