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Ethanol stocks shoot higher
U.S. ethanol stocks spiked to a near one year high last week.
The U.S. Energy Information Administration says stocks surged 922,000 barrels to 25.339 million barrels, the largest supply since early April 2022, but that is 144,000 under year ago levels.
Most of that build was on the Gulf Coast, which is usually a sign of export interest.
The Renewable Fuels Association says demand signals were mixed, as net inputs by refiners and blenders moved to its highest level for the year to date, while the volume of gasoline supplied to consumers was lower.
Ethanol production averaged 1.014 million barrels a day, up 14,000 on the week and 5,000 on the year.
Iowa State University’s Center for Agricultural and Rural Development says operating margins for the average Iowa ethanol plant were nearly unchanged, holding just below the breakeven point.
The USDA’s next corn for ethanol use estimate is out March 8th.
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