USDA lowers corn ethanol use numbers in June WASDE

In Washington, Reuters reports that USDA data shows corn supplies are expected to rise due to lack of demand for ethanol production as a result of COVID-19 impacts. The June WASDE report shows additional corn stocks at the end of 2019/20 of 2.103 billion bushels, up 5 million bushels against last month’s estimate, while it estimates corn ending stocks for 2020/21 will be the highest since 1987/88 at 3.323 billion bushels. The 2019/20 figure for corn use for ethanol was dropped by 50 million bushels in the June report due to COVID-19.