The USDA confirmed its 2007 corn production estimate of 13.3 billion bushels, lowered its soybean production estimate to 2.6 billion bushels from 2.62 billion, and reduced its projected use of corn by the ethanol industry in 2007-08 for the second month in a row.
The revised 2007-08 corn ethanol forecast is 3.2 billion bushels, down from 3.4 billion forecast in August. For the year ending August 31, 2007, the corn ethanol industry used 2.1 billion bushels. At current industry yields of 2.7 gallons per bushel, this translates to 8.6 billion gallons of ethanol.
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Frank Bell | Oct 16, 2007 | Reply
Like any new industry, the corn to ethanol business is growing (literally) with the usual pains. Let’s hop everybody wins–which unfortunatley usually doesnt happen–and the inefficient are left behind.