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Ethanol production up modestly on week
Domestic ethanol production has expanded for five weeks in a row.
The U.S. Energy Information Administration says production averaged 1.04 million barrels a day, the highest weekly average since late July and up 7,000 barrels from the previous week, supported by the increased availability of new crop corn and solid profit margins for most producers.
Still, that’s down 67,000 barrels on the year with some uncertainties about sustained demand due to volatile crude oil prices and the possibility of a U.S. railroad strike.
The ethanol supply was reported at 22.232 million barrels, a decrease of 59,000 from the previous week, but an increase of 2.103 million from this a year ago.
The Renewable Fuels Association says net inputs by refiners and blenders and the volume of gasoline supplied to the market both saw week-to-week declines.
The USDA’s next corn for ethanol use estimate is out Wednesday, November 9th at Noon Eastern/11 Central.
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