News

Ethanol production, supply climb higher

U.S. ethanol production and stocks both moved higher last week.

The U.S. Energy Information Administration says production averaged 1.028 million barrels a day, up 31,000 on the week and 90,000 on the year.

Iowa State University’s Center for Agricultural and Rural Development says margins moved higher last week, encouraging production, and the USDA says Midwest cash ethanol prices were higher.

The Renewable Fuels Association says net inputs by refiners and blenders and the volume of gasoline supplied to the market were above the previous week and last year.

The domestic ethanol supply grew by 338,000 barrels to 25.271 million, which was 3.201 million barrels higher than a year ago.

The USDA expects 5.35 billion bushels of corn to be used for ethanol production this marketing year, up from February’s projection.