Ethanol production up on week, stocks jump

U.S. ethanol production and stocks both notched multi-week highs.

The U.S. Energy Information Administration says production averaged 1.083 million barrels a day, a seven-week high, up 50,000 on the week and 69,000 on the year.

Iowa State University’s Center for Agricultural and Rural Development says the estimated operating margin for the average Iowa plant was in modestly positive territory, implying a slight profit.

Demand signals were mixed.

The Renewable Fuels Association says net inputs of ethanol purchased by refiners and blenders were up 2.7%, at its highest level since late January, while the volume of gasoline supplied to the market dropped 7.3%.

Ethanol stocks moved to a three week at 25.81 million barrels, a build of 1.031 million from the week before and 471,000 from a year ago.

Ethanol exports averaged one hundred, seven thousand barrels a day, an improvement of 29,000 from the previous week.

The USDA expects 5.375 billion bushels of corn to be used for ethanol production this marketing year, with the next projection out March 8th.

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