USDA forecasts record U.S. corn and soy crops, lower prices
Separately on Thursday, the National Oceanic and Atmospheric Administration (NOAA) released a seasonal drought outlook valid through May 31, highlighting the likely persistence of dryness in much of the southern and central Plains.
Areas further north and east, including parts of the Dakotas, Minnesota, Iowa and Missouri, were expected to show at least some improvement. Moisture conditions were also expected to improve in parts of the U.S. Southeast.
A larger U.S. corn crop in 2013 will help push corn-for-ethanol usage to 4.675 billion bushels in 2013/14, up 175 million on the year but below 2011/12 levels, the USDA said.
Several factors are likely to hamper further growth in corn use for ethanol, Glauber said, including the overall decline in U.S. gasoline consumption and weak export prospects because of increased competition from Brazil and potential restrictions on shipments to the 27-country European Union.
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