The U.S. Census Bureau announced U.S. exports of goods and services totaled $271.8 billion in August, up $5.3 billion from July. August imports totaled $342.2 billion, 3.2 billion less than July. The resulting trade deficit of $70.4 billion for August was down $8.4 billion from July. USDA later used Census Bureau data to provide more details for exports of ethanol, biodiesel and distillers grains.
USDA said U.S. exports of ethanol totaled 141.2 million gallons in August, up from 136 million gallons in July, up 41% from a year ago, and a record for the month of August. Canada was the top destination in August, accounting for 40% of total exports and was followed by the United Kingdom. For the first eight months of 2024, ethanol exports were up 38% from a year ago.
U.S. exports of biodiesel totaled 81,957.1 metric tons (mt) in August, down from 88432.8 mt in July but up 5% from last August. Canada was the top destination in August, accounting for 91% of all U.S. exports and was followed by Peru. Year-to-date through August, biodiesel exports were down 28%.
U.S. exports of distillers grains totaled 1,119,768 mt in August, up from 1,090,004 mt in July and up 19% from a year ago. South Korea was the top destination in August, taking 15% of U.S. exports and was followed by Mexico and Turkey. In the first eight months of 2024, distillers grains exports were up 15% from a year ago.
EDITOR’S TAKE:
This is a very good report and will be embraced by corn farmers! Distillers Dried Grain (DDG) is a by-product of ethanol production. We produce more of both ethanol and DDG than current domestic demand requires. Exports will only serve to underpin the corn market. This will help reduce corn supply, raise corn prices and eventually put more money in the farmers’ bank accounts. That leads to more potential truck sales. AgTruckTrader.com® is the ideal place to show off your inventory and lure those corn producers into your dealership. Make sure you explain that you’re a CAD member and support agriculture!
