News

Ethanol production holds above 1 million barrels a day

Corn demand for ethanol use continues to strong.

The U.S. Energy Information Administration says ethanol production last week averaged 1.010 million a day, down 17,000 from the previous week, but above a million for the third week in a row. Production declined in April because of downtime for seasonal plant maintenance, but had averaged more than a million barrels a day for nearly five months in a row. Corn’s readily available at what’s seen as a reasonable price and the ethanol industry expects solid demand.

Stocks dropped 730,000 barrels on the week to 22.684 million.