Ethanol production, stocks above a week ago

U.S. ethanol production moved slightly higher last week.

The U.S. Energy Information Administration says production averaged 1.01 million barrels a day, up 7,000 on the week.

Iowa State University’s Center for Agricultural and Rural Development says margins for the average Iowa plant are just above the cost of production.

However, production was down 18,000 barrels on the year with some uncertainties about sustained demand.

The Renewable Fuels Association says net inputs by refiners and blenders were down fractionally from the previous week and the volume of gasoline supplied to the market fell 6%.

The domestic supply of 25.32 million barrels was 545,000 higher than a week ago and 49,000 above a year ago.

The USDA expects 5.25 billion bushels of corn to be used for ethanol production this marketing year.

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