Ethanol production weakens, stocks at multi-month lows
U.S. ethanol production saw a slight week to week decline.
The U.S. Energy Information Administration says production averaged 1.051 million barrels a day last week, down 4,000 from the previous week’s delayed data and 7,000 below a year ago.
Iowa State University’s Center for Agricultural and Rural Development says margins remain under the late 2021 highs, but are still profitable for many producers, due in part to increased blending demand.
The Renewable Fuels Association says net inputs by refiners and blenders were up fractionally, while the volume of gasoline supplied to the market was 4.9% above a week ago.
Ethanol stocks fell to their lowest level this year at 22.746 million barrels, a decrease of 730,000 on the week, but an increase of 904,000 on the year.
The USDA’s next corn for ethanol use estimate is out July 12th.