USDA lowers corn usage for ethanol estimate by 375M bushels

In Washington, ICIS reports that the USDA has lowered its estimate of corn usage for ethanol to just 5.05 billion bushels for 2019/20 in the most recent WASDE report, 375 million bushels lower than it predicted last month. With COVID-19 keeping people across the country at home and off the roads, fuel consumption has dropped significantly and ethanol production in turn is shutting down in an effort to keep in line with the market. Last week saw ethanol production fall 20% compared to the week prior.