Ethanol production up slightly on week
Domestic ethanol production ticked higher last week as parts of the United States reopen, the first week to week increase in two months.
The U.S. Energy Information Administration says production averaged 598,000 barrels a day, up 61,000 barrels on the week, but that is 42.3%, or 535,964 barrels, below a year ago because of slow blending demand caused by lower gasoline and crude oil use due to COVID-19 related stay at home and social distancing restrictions. The levels of gasoline supplied to the market and net inputs for refiners and blenders were also up on the week, but down on the year.
Ethanol stocks declined 725,000 barrels from the previous week to 25.612 million, which is still 3.144 million barrels above a year ago.
The USDA is expected to lower its’ corn for ethanol use in the next set of supply and demand estimates out on the 12th.