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Ethanol production holds as supply slides
U.S. ethanol production held steady last week while stocks notched a 22-week low.
The U.S. Energy Information Administration says production averaged 941,000 barrels a day, up 378,000 on the year, during the early stages of the COVID-19 pandemic.
The Renewable Fuels Association says net inputs by ethanol blenders and refiners was unchanged on the week, while the volume of gasoline supplied to the market was modestly higher, with both well above a year ago.
Stocks slid 71,000 barrels to 20.447 million, which is 7.242 million under last year’s levels.
The USDA says cash bids for corn remain at lofty levels, as high as $6.36 and ½ per bushel in Indiana because of the tight domestic supply, and ethanol prices were up from the previous week.
The USDA’s next corn for ethanol use estimate is out May 12th.
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