Ethanol production, stocks move slightly lower
U.S. ethanol production and stocks both posted modest week to week declines.
The U.S. Energy Information Administration says production averaged 1.041 million barrels a day, down 26,000 on the week, but up 110,000 on the year, when production was still constrained by demand concerns caused by COVID-19.
The Renewable Fuels Association says net inputs by ethanol refiners and blenders and the volume of gasoline supplied to the market both declined from the previous week, while staying above year ago levels.
Stocks of 21.134 million barrels were 15,000 below the week before, but 526,000 above this time last year.
The USDA says Midwest ethanol prices were lower last week.
The USDA expects 5.05 billion bushels of corn to be used for ethanol production this marketing year, potentially rising to 5.2 billion bushels next marketing year. The next set of supply and demand estimates is out August 12th and the 2021/22 marketing year gets underway September 1st.