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Ethanol stocks drop as production rises
U.S. ethanol stocks hit multi-month lows last week, while production moved higher.
The U.S. Energy Information Administration says the domestic ethanol supply of 21.114 million barrels, a decrease of 695,000 on the week and 4.603 million on the year for the tightest supply since late November of last year.
The impact of the COVID-19 pandemic on production and demand is starting to be reflected in the year ago numbers.
The Renewable Fuels Association says net inputs by refiners and blenders were the highest in more than a year, while the volume of gasoline supplied to the market was the biggest in 25 weeks.
Production averaged 965,000 barrels a day, an increase of 43,000 on the week and 125,000 on the year.
The USDA says Midwest cash corn and ethanol prices were lower last week.
The USDA’s next corn for ethanol use estimate is out April 9th.
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