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Ethanol production lowest since mid-January
U.S. ethanol production fell to a 12-week low last week.
The U.S. Energy Information Administration says production averaged 983,000 barrels a day, down 73,000 on the week due to seasonal maintenance and 41,000 less than last year.
Iowa State University’s Center for Agricultural and Rural Development says estimated operating margins for the typical Iowa plant were below year ago levels, reflecting a smaller return.
The Renewable Fuels Association says ethanol stocks were 26.08 million barrels, a decrease of 128,000 from the previous week, but an increase of 787,000 from a year ago.
Net inputs of ethanol purchased by refiners and blenders rose to a four-month high and the volume of gasoline supplied to the market saw a fractional gain.
U.S. ethanol exports were the largest since mid-December, averaging 175,000 barrels a day, 19,000 above the previous week.
The USDA’s updated corn for ethanol use estimate is out May 10th.
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