Ethanol production tops a million barrels for 15th week in a row
U.S. ethanol production is holding near record levels.
The U.S. Energy Information Administration says last week’s average was 1.055 million barrels per day, slightly less than the previous week’s all-time high of 1.061 million, but still above an average of a million barrels a week for the 15th week in a row.
Corn supplies are ample and the industry is expecting solid demand, despite uncertainties about Trump Administration policies towards renewable fuels and a slowdown in demand from China, which is trying to support its domestic industry at the expense of U.S. ethanol.
The high rate of production is also pushing stocks higher, with supplies at 22.085 million barrels, over 22 million for the first time since the week ending April 29th, 2016.