News
Ethanol stocks down on week, but remain ample
U.S. ethanol stocks backed off from record highs last week.
The U.S. Energy Information Administration says stocks were down 63,000 barrels on the week at 24.718 million, but that’s still one of the highest weekly totals on record.
The Renewable Fuels Association says 10.29 million gallons of ethanol were imported into the U.S. West Coast last week, the first reported imports in six weeks.
Production averaged 1.054 million barrels a day, up 14,000 on the week.
The USDA’s next corn for ethanol use estimate is out March 10th.
Why does the industry continue to over-produce? Inventory is near record highs, margins are negative and the lack of discipline remains. Now we have 10M gallons imported from Brazil. Wonderful. Is the ethanol industry prepared to lose the corn oil extraction lawsuit? The USPTO determined the “offer letter” was for experimental purposes and not an offer to sell. The invention was not reduced to practice. The 2003 testing samples were allowed to cool below the required temperature to practice the method. The test didn’t operate in a continuous fashion and the bench-top centrifuge repeatedly clogged. By allowing GERS this new patent, the USPTO effectively rejected the defendants claims that it was deceived. The USPTO denies it was deceived and agrees the it was an offer to test. Patent Publication #20150191675 All claims allowed (02-25-20) after a complete review of the offer letter and 2003 testing. Does ICM have the resources to pay back royalties? I heard there’s a shortage of Nyquil in Colwich Kansas…Sleepless nights…