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Ethanol production, stocks up on week
U.S. ethanol production was up modestly last week, while stocks moved higher.
The U.S. Energy Information Administration says production averaged 1.009 million barrels a day, up 15,000 on the week and 98,000 on the year.
Iowa State University’s Center for Agricultural and Rural Development says ethanol margins receded, with the return on investment back below the cost of production for many producers due to generally slower demand and the high price of corn. The USDA says Midwest ethanol prices were mostly lower.
The Renewable Fuels Association says net inputs by refiners and blenders hit a seven-week high, even as the volume of gasoline supplied to the market fell.
The ethanol supply of 25.483 million barrels grew by 684,000 barrels from the previous week and 1.186 million from this time last year.
The USDA’s next corn for ethanol use estimate is out March 9th.
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