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Ethanol production ticks higher
Ethanol production moved higher last week as more plants came back on-line following February’s bitterly cold, snowy conditions.
The U.S. Energy Information Administration says production averaged 938,000 barrels a day, up 89,000 on the week, but down 106,000 on the year because of continued slow blending demand caused by reduced travel linked to COVID-19.
The Renewable Fuels Association says net inputs by refiners and blenders and the volume of gasoline supplied to consumers were both higher than the previous week, but lower than this time last year.
Ethanol stocks hit a 14 week low at 22.070 million barrels, a decrease of 355,000 from the week before and 2.264 million under a year ago.
The USDA says cash corn and ethanol prices were mostly lower last week.
The USDA expects 4.95 billion bushels of corn to be used for ethanol production this marketing year, with the next projection out April 9th.
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