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Ethanol production rises as stocks tighten
U.S. ethanol production climbed higher last week, while stocks hit a more than three month low.
The U.S. Energy Information Administration says production averaged 971,000 barrels a day, the highest average since late December 2020 and up 33,000 on the week, but still down 64,000 on the year due to uncertainties about blending demand caused by COVID-19.
Net inputs by refiners and blenders moved higher last week, but the volume of gasoline supplied to the market was lower, with both still well below year ago levels.
Ethanol stocks were reported at 21.34 million barrels, the tightest since late November 2020, 730,000 below the previous week and 3.258 million under this time last year.
The USDA says Midwest cash corn prices were up last week, while ethanol prices were mostly higher.
The USDA’s next corn for ethanol use estimate is out April 9th.
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