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Ethanol production, stocks up on the week, exports decline
Demand for corn from ethanol producers continues to be solid.
The U.S. Energy Information Administration says ethanol production was a five-week high, averaging 1.12 million barrels per day last week, rising 4,000 from the previous week and 108,000 from a year ago.
Demand signals were mixed.
The Renewable Fuels Association says ethanol stocks of 26.699 million barrels were up 646,000 on the week, but down 115,000 on the year.
Net inputs of ethanol purchased by refiners and blenders dipped to a six-week low, even as the volume of gasoline supplied to the market was the largest in more than a month.
Ethanol exports averaged 81,000 barrels per day, dropping 122,000 from the week before and 56,000 from last year.
The USDA expects 5.6 billion bushels of corn to be used for ethanol production this marketing year, with the next guess out May 10th.
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