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Abstract
Corn oil output, a byproduct primarily of the corn refining or wet milling industry, has more than doubled in the last 2 decades, rising from about 151 million pounds in calendar year 1939 to a record 331 million in 1961. Consumption of corn oil has shown a similar trend and this year likely will set a new record. Historically, nearly all crude corn oil has been refined and used mainly as a cooking oil and salad oil. Since 1957, corn oil utilized in the manufacture of margarine has jumped from less than 1 million pounds to about 90 million pounds in 1961. Refined corn oil is among the oils relatively high in polyunsaturated fatty acid, linoleic, an essential dietary substance. However, the debate over the significance of poly-unsaturation as opposed to saturated oils is far from settled. The introduction of several new brands of corn oil margarine along with a vigorous merchandising and promotional campaign by industry has boosted the demand for these products. As a consequence, demand for corn oil has exceeded available supplies and monthly average prices (crude, Decatur) rose steadily from 11.2 cents per pound in November 1959 to 24.7 cents in November 1961. Prices in mid-January 1962 averaged 21.0 cents per pound, about 6.0 cents above last year. Corn oil is produced as a byproduct of three of the corn-using industries. "Dry" millers make breakfast foods, corn meal, hominy, grits, flour, feed and oil; "wet" millers, or corn refiners, manufacture starch, syrup, sugar, feed, and oil; distillers make whiskey and industrial alcohol.