Food, seed, and industrial use (FSI) for 2012/13 is raised 50 million bushels with an increase in the projection for corn used for ethanol. The increase to 4,550 million bushels was based on year-to-date ethanol production and the prospect of lower corn prices contributing to already favorable margins for ethanol producers, spurring additional production. In spite of the projected increase, the implications of lower gasoline consumption and implicit restrictions in the volume of ethanol that can be blended into gasoline continue to constrain growth in ethanol production. On April 8, the Energy Information Agency (EIA) predicted gasoline production for the 2012/13 crop-year period at 133.0 billion gallons, compared with 133.2 billion for the 2011/12 crop year. EIA also forecast the lowest summer gasoline use in 12 years. However, weekly ethanol production during March advanced relative to previous months, indicating improved margins may be impacting production, and therefore, corn used for fuel.
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