Ethanol production down on week, stocks up
Ethanol production was down last week as stocks swelled.
The U.S. Energy Information Administration says ethanol production was down for the third week in a row, averaging 1.044 million barrels a day, a decrease of 7,000 from the previous week and 23,000 from a year ago.
Iowa State University’s Center for Agricultural and Rural Development says margins remain encouraging for most producers, but there are some concerns about demand.
The Renewable Fuels Association says net inputs by refiners and blenders were down fractionally on the week even as the volume of gasoline supplied to the market shot higher ahead of July 4th weekend, but both were below last year’s levels.
Ethanol stocks hit a four-week high at 23.49 million barrels, growing 744,000 from the week before and 2.341 million from a year ago.
The USDA’s next corn for ethanol use estimate is out on Tuesday the 12th at Noon Eastern/11 Central.