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Ethanol stocks climb

U.S. ethanol stocks surged to a near one year high last week.

The U.S. Energy Information Administration says the domestic supply of 22.911 million barrels was a 47-week high and up 1.552 million from the previous week as higher fuel costs and at least some reduction in travel cut demand. That is still 781,000 barrels below year ago levels, reflecting the stronger demand seen last fall and early this winter.

The Renewable Fuels Association says the volume of gasoline supplied to the market and net inputs for ethanol refiners and blenders were near one year lows.

Ethanol production last week average 1.006 million barrels a day, a drop of 42,000 on the week, but a jump of 65,000 on the year.

Iowa State University’s Center for Agricultural and Rural Development says producer margins continued to recede from the recent highs, while still holding above a year ago.

The USDA says ethanol prices were lower last week in most of the Midwest.

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