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Ethanol production moves to multi-month highs

U.S. ethanol production hit a ten-week high last week.

The U.S. Energy Information Administration says production averaged 1.016 million barrels a day, up 84,000 on the week as more plants resume full schedules and more recently harvested corn becomes available.

But, that is down 80,000 barrels on the year with uncertainties about sustained blending demand due to gasoline prices.

The Renewable Fuels Association says the volume of gasoline supplied to the market was higher than a week ago, but lower than a year ago, while net inputs by ethanol refiners and blenders were fractionally above last week’s and last year’s levels.

Ethanol stocks were reported at 21.844 million barrels, 19,000 less than the prior week, but 1.764 million more than this time a year ago.

The USDA’s next corn for ethanol use estimate is out November 9th.

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