Ethanol production, supply climb higher
U.S. ethanol production and stocks moved higher last week.
The U.S. Energy Information Administration says production averaged 958,000 barrels a day, up 50,000 on the week, but that was 73,000 barrels below a year ago because of lower demand caused by COVID-19 and poor margins for producers.
Blending demand was modestly higher, but also still considerably lower than year ago levels.
Stocks were up 471,000 barrels from the previous week’s more than three and a year low at 20.272 million barrels, but that is 4.196 million barrels less than last year because of the slowdown in production.
The USDA’s next corn for ethanol use estimate is out August 12th.