The USDA said the soybean crush was 20.4 billion bushels, 4 million bushels more than in November and 17 million bushels more than in December 2022. More soybeans were crushed in December than in any other month on record.
This was mainly driven by year-end earnings and expectations of strong demand for soybean oil for biodiesel.
These margins narrowed in early 2024 as soybeans and their products*** narrowed, while soybean meal exports and domestic biodiesel use were generally lower than expected, which could limit crush demand in the coming months.
Soybean oil and soybean meal production are also higher than a month ago and a year ago.
During December 2023, ethanol production used 4816,990,000 bushels of corn.
This figure is up 5% from November and 13% from December 2022, as producers capitalize on operating profits while struggling to meet projected demand.
Margins did decline earlier this year, while ethanol demand in January was hampered by extreme weather.
The output of dried distiller's grains was 1950562 tons, up 9% month-on-month and 13% year-on-year.
February** Dynamic Incentive Program