News

Ethanol production, supply climb

U.S. ethanol production hit a two-month high last week.

The U.S. Energy Information Administration says production averaged 1.024 million barrels a day, an increase of 65,000 on the week and 77,000 on the year. That followed a dip the previous week for seasonal maintenance, with additional encouragement from bullish margins.

Iowa State University’s Center for Agricultural and Rural Development says profits for the average Iowa plant did fall a little but remained close to the late 2022 highs.

Indicators of demand were less friendly. The Renewable Fuels Association says net inputs by refiners and blenders and the volume of gasoline supplied to the market were both down from the week before. The domestic supply of 25.296 million barrels were 165,000 above the prior week and 951,000 more than this time a year ago.

The RFA says there have been no recorded U.S. ethanol imports for nineteen consecutive weeks.

The USDA’s next corn for ethanol use estimate is out May 12^th.