Ethanol production drops, supply slightly tighter
U.S. ethanol production fell last week.
The U.S. Energy Information Administration says production averaged 959,000 barrels a day, a decline of 44,000 on the week and 36,000 on the year. The decreases can be tied to seasonal maintenance.
Iowa State University’s Center for Agricultural and Rural Development says returns on operating costs for the average Iowa plant were up sharply, coming close to the late 2022 highs.
The Renewable Fuels Association says net inputs by ethanol refiners and blenders were fractionally higher, while the volume of gasoline supplied to the market was 4% lower, but both held above year ago levels.
Ethanol stocks of 25.128 million barrels were 8,000 below the previous week, but 325,000 above this time last year.
The USDA expects five and a quarter billion bushels of corn to be used for ethanol production this marketing year, with the next projection out May 12th.