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Ethanol production, stocks move higher
U.S. ethanol production gained some ground during Christmas week.
The U.S. Energy Information Administration says production averaged 1.111 million barrels per day, up 4,000 on the week and 62,000 on the year.
That was despite Iowa State University’s Center for Agricultural and Rural Development reporting estimated operating margins for the average Iowa plant had fallen into negative territory.
The Renewable Fuels Association says net inputs of ethanol purchased by refiners and blenders and the volume of gasoline supplied to the market both dropped to multi-month lows.
Ethanol stocks hit a 3-month high at 23.639 million barrels, rising 565,000 from the previous week and 60,000 from a year ago.
Ethanol exports averaged 99,000 barrels a day, 67,000 less than the week before, but 30,000 more than last year.
The USDA’s updated corn for ethanol use projection is out Friday, January 10th.
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