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Ethanol production rebounds, supply falls
U.S. ethanol production bounced back last week.
The U.S. Energy Information Administration says production averaged 991,000 barrels a day, up 173,000 from the previous week’s weather impacted near three year low, but down 37,000 from a year ago.
Iowa State University’s Center for Agricultural and Rural Development says the estimated operating margin for the average Iowa plant dipped back into negative territory, implying a modest loss.
The Renewable Fuels Association says stocks declined for the first time since late November to 24.27 million barrels, a decrease of 1.545 million on the week and 172,000 on the year.
Net ethanol inputs purchased by refiners and blenders and the volume of gasoline supplied to the consumer market were both above the week before.
Ethanol exports rose for the second week in a row, averaging 137,000 barrels a day, an increase of 16,000.
The USDA’s next corn for ethanol use projection is out February 8th.
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