Ethanol production rises, stocks fall
U.S. ethanol production climbed higher last week as stocks tightened.
The U.S. Energy Information Administration says production averaged 976,000 barrels a day, an increase of 9,000 on the week and 7,000 on the year.
Iowa State University’s Center for Agricultural and Rural Development says returns on operating costs for the average Iowa plant were up, near the 2022 highs, but still well below the all-time highs of late 2021.
Demand signals were generally positive.
The Renewable Fuels Association says ethanol stocks fell to a 21-week low of 23.363 million gallons, which was 943,000 under the week before and 524,000 below a year ago.
Net inputs by ethanol refiners and blenders were the highest for the year to date, but the volume of gasoline supplied to the market dropped from the previous week’s almost six year top.
The USDA’s updated corn for ethanol use estimate is out Friday, May 12th.