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Ethanol production recedes from record levels
Ethanol production backed off a little bit last week.
The U.S. Energy Information Administration says production averaged 1.109 million barrels per day, 11,000 lower than the previous week’s all-time high, but 52,000 higher than a year ago.
That hold over year ago levels was partially due to a combination of demand expectations and good returns.
Iowa State University’s Center for Agricultural and Rural Development says operating margins for the average Iowa plant were nearly steady, remaining in positive territory.
Ethanol stocks of 24.12 million barrels were up 386,000 on the week and 503,000 on the year.
The other major demand signals were bullish.
The Renewable Fuels Association says net inputs of ethanol purchased by refiners and blenders and the volume of gasoline supplied to the market were both above the prior week.
Ethanol exports averaged 163,000 barrels per day, rising 12,000 from the week before and 87,000 from this time last year.
The USDA’s updated corn for ethanol use projection is out July 11th.
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