December corn used for ethanol highest since 2018

Ethanol processors crushed strong volumes of corn for fuel in December, reaching multi-year highs.

Processors crushed 482 million bushels of corn during the month, up 13 percent from the previous year, according to the USDA on Thursday.

That was the highest monthly volume since April 2018 and the second-highest volume for December.

The estimate beat analyst expectations that predicted a volume of 474.4 million bushels. 

Ethanol production has been the primary driver for domestic corn demand, incentivized by favorable margins for much of 2023. 

Last month, the USDA raised its forecast for corn crushed for ethanol.

Dried distillers grain production totaled 1.95 million tons in December, up 16 percent from the previous year.