Ethanol production slightly higher, stocks slip

U.S. ethanol production was up modestly last week.

The U.S. Energy Information Administration says production averaged 1.019 million barrels a day, up 19,000 on the week and 36,000 on the year.

The Renewable Fuels Association says stocks were 24.212 million barrels, 277,000 below the previous week ahead of the start of summer driving season, but 2.171 million above a year ago.

Net inputs of ethanol purchased by refiners and blenders and the volume of gasoline supplied to the market were both higher.

Ethanol exports averaged 83,000 barrels a day, a drop of 9,000 from the week before.

Corn for ethanol use is on pace to meet or exceed USDA projections for the current marketing year, with the next estimate out June 12th.

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