By Jon Scheve

Last week, I noted that the national corn yield estimates were still inconclusive based on early harvest reports. After another week of results, there’s still no clear indication of what the national yield will be.

While supply remains uncertain, attention should probably also focus on the demand side. The USDA is projecting record corn production for 2025 but also record demand.

Ethanol demand

According to USDA data, next year’s ethanol demand is estimated to match the highest production ever produced.

Low-priced corn should keep ethanol production profitable. If overseas demand remains strong, then the USDA’s forecast probably is attainable.

Export demand

U.S. corn exports set a record last year, and the USDA is projecting another record this year.

Lower prices are

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