The number of domestic corn consumed by US ethanol refiners will exceed that of livestock and poultry farmers for the first time. This shows how this government-backed biofuel industry has contributed to the soaring demand for cereals.
According to the British "Financial Times" report, the US Department of Agriculture (USDA) estimates that by the year ending August 31 this year, ethanol producers will consume 5.05 billion bushels of corn, which is equivalent to more than 40% of the previous year's corn production. . Animal feed and other needs were 5 billion bushels.
The United States is the world’s largest corn producer and exporter. At the time when the above data was released, the world’s review of the biofuel industry is increasing, and concerns about food inflation are also growing.
Last month, in its first meeting communique on agriculture, the Group of 20 (G20) issued an appeal to reduce the use of biofuels.
In the United States, some key senators have reached a preliminary agreement to cancel the tax and tariff support for the domestic ethanol industry, but the directive to require ethanol to be mixed with gasoline remains.
Luke Chandler, global head of agricultural research at Rabobank, said: “This is a turning point.†The US Department of Agriculture estimates that ethanol consumption by ethanol companies will increase by 100 million bushels next year.
U.S. Department of Agriculture grain analyst Jerry Norton (Jerry Norton) said the ministry lowered the valuation of corn's feed and other needs by 150 million bushels and raised its ethanol demand estimate by 50 million bushels because of "ethanol producers. The profit rate has improved."
Some corn used to produce ethanol will be used as animal feed and corn oil to return to the food supply field.
The Renewable Fuels Association says that although corn prices are 90% higher than a year ago, ethanol production in the United States is expected to reach a record 13.7 billion gallons this year, which is 1 billion gallons higher than the required level. . Excess ethanol has been exported to foreign countries, including Brazil, the world’s largest sugar-based ethanol producer.
The meat industry and some environmentalists have stated that the increasing corn consumption of ethanol refiners such as Archer Daniels Midland, Poet and Valero Energy has pushed up food prices.
Demand for corn is also growing around the world. Corn can be used to feed livestock and produce starch, sweeteners or ethanol. As a result of the increase in livestock corn consumption, the U.S. Department of Agriculture increased its forecast for global corn consumption in the coming year by 5.9 million tons to 877.6 million tons.
China, which used to be self-sufficient in corn, reportedly purchased corn from the United States several times recently. It is currently estimated that China will import 2 million tons of corn.
According to the British "Financial Times" report, the US Department of Agriculture (USDA) estimates that by the year ending August 31 this year, ethanol producers will consume 5.05 billion bushels of corn, which is equivalent to more than 40% of the previous year's corn production. . Animal feed and other needs were 5 billion bushels.
The United States is the world’s largest corn producer and exporter. At the time when the above data was released, the world’s review of the biofuel industry is increasing, and concerns about food inflation are also growing.
Last month, in its first meeting communique on agriculture, the Group of 20 (G20) issued an appeal to reduce the use of biofuels.
In the United States, some key senators have reached a preliminary agreement to cancel the tax and tariff support for the domestic ethanol industry, but the directive to require ethanol to be mixed with gasoline remains.
Luke Chandler, global head of agricultural research at Rabobank, said: “This is a turning point.†The US Department of Agriculture estimates that ethanol consumption by ethanol companies will increase by 100 million bushels next year.
U.S. Department of Agriculture grain analyst Jerry Norton (Jerry Norton) said the ministry lowered the valuation of corn's feed and other needs by 150 million bushels and raised its ethanol demand estimate by 50 million bushels because of "ethanol producers. The profit rate has improved."
Some corn used to produce ethanol will be used as animal feed and corn oil to return to the food supply field.
The Renewable Fuels Association says that although corn prices are 90% higher than a year ago, ethanol production in the United States is expected to reach a record 13.7 billion gallons this year, which is 1 billion gallons higher than the required level. . Excess ethanol has been exported to foreign countries, including Brazil, the world’s largest sugar-based ethanol producer.
The meat industry and some environmentalists have stated that the increasing corn consumption of ethanol refiners such as Archer Daniels Midland, Poet and Valero Energy has pushed up food prices.
Demand for corn is also growing around the world. Corn can be used to feed livestock and produce starch, sweeteners or ethanol. As a result of the increase in livestock corn consumption, the U.S. Department of Agriculture increased its forecast for global corn consumption in the coming year by 5.9 million tons to 877.6 million tons.
China, which used to be self-sufficient in corn, reportedly purchased corn from the United States several times recently. It is currently estimated that China will import 2 million tons of corn.
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