Ethanol production down, supply tighter
U.S. ethanol production and stocks moved lower last week.
The U.S. Energy Information Administration says production averaged 1.021 million barrels a day, down 13,000 on the week, but up 7,000 on the year.
Plant margins have narrowed, but remain in positive territory for many producers, encouraging production and keeping the pace above year ago levels.
Net inputs by refiners and blenders were fractionally higher, while the volume of gasoline supplied to the market jumped 8.5% to a three-week high as gas prices receded in parts of the U.S.
The Renewable Fuels Association says stocks declined 225,000 barrels to 23.328 million, but that’s still 595,000 barrels above last year’s levels.
The USDA’s next corn for ethanol use estimate is out August 12th.