Ethanol production up as stocks tighten
U.S. ethanol production moved modestly higher last week but stayed well below a million barrels as seasonal maintenance continues at some plants.
The U.S. Energy Information Administration says production averaged 963,000 barrels a day, up 16,000 on the week and 18,000 on the year.
Iowa State University’s Center for Agricultural and Rural Development says profit margins did improve for most producers and the USDA says cash ethanol prices were higher.
The Renewable Fuels Association says net inputs for refiners and blenders and the volume of gasoline supplied to the market were both lower than the previous week.
Stocks of 23.965 million barrels were a 14-week low and a decrease of 377,000 on the week, but an increase of 4.229 million barrels on the year.
The USDA’s next corn for ethanol use estimate is out May 12th.