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Ethanol production lowest in more than a year
U.S. ethanol production hit a more than one-year low last week.
The U.S. Energy Information Administration says production averaged 993,000 barrels per day, a decline of 27,000 from the previous week and 7,000 from a year ago.
That’s the lowest daily average since the week ending May 3rd, 2024.
Iowa State University’s Center for Agricultural and Rural Development says operating margins for the average Iowa plant did improve, indicating a higher return.
Ethanol stocks of 25.445 million barrels were up 254,000 on the week and 956,000 on the year.
The Renewable Fuels Association says net inputs of ethanol purchased by refiners and blenders and the volume of gasoline supplied to the market were up from the week before.
Ethanol exports averaged 114,000 barrels per day, 15,000 less than the prior week, but 22,000 more than last year.
The USDA projects corn for ethanol use at 5.5 billion bushels for both this and next marketing year, with an updated guess out June 12th.
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