Corn Used for Fuel Higher and Farm Credit System's Income Down
**USDA data shows corn used to make ethanol and other fuels increased month-to-month in June but were down year-over-year.
The amount of corn used to make fuel alcohol was 442.5 million bushels during June, up from 439 million in May, but down from the 444.2 million bushels processed during the same month last year.
Corn use is forecast to rise to 5.3 billion bushels in the next marketing year.
**The Farm Credit System’s combined net income decreased 1.4% to $1.78 billion for the three and six months ending on June 30.
That’s compared with net income of $1.81 billion and $3.57 billion for the same periods during 2022.
Federal Farm Credit Banks Funding Corporation president,
Tracey McCabe says, despite a challenging external environment, the System recognized solid financial results for the first half of 2023.
**For more than 20 years and the last four farm bills, farm program payments were based on a farm’s HISTORICAL planted acreage, base acres, and not on actual plantings.
Several ag groups are now pushing for an update in the next farm bill.
However, Senate Ag Committee Republicans released a report saying few in agriculture would benefit from a base acre update, adding, it would create winners and losers and complicate efforts to pass a farm bill.