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U.S. ethanol production, stocks down on week

U.S. ethanol production moved to multi-month lows last week.

The U.S. Energy Information Administration says production averaged 1.005 million barrels a day, down 30,000 on the week and the lowest weekly average since late October 2019, because of poor plant margins and concerns about blending demand as crude oil prices drop on expectations for decreased use as COVID-19 impacts travel.

Domestic ethanol stocks were 458,000 barrels at 24.140 million, the tightest supply since January of this year.

The USDA’s next corn for ethanol use projection is currently scheduled for April 9th.

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