News

Ethanol production up on week, supply down

U.S. ethanol production hit a two-month high last week.

The U.S. Energy Information Administration says production averaged 1.072 million barrels per day, up 4,000 on the week and 36,000 on the year.

That’s the highest weekly average since late March as producers end seasonal maintenance and respond to summer driving season demand expectations.

Iowa State University’s Center for Agricultural and Rural Development says estimated margins for the average Iowa plant showed the potential for profit.

Ethanol stocks fell to a near six-month low at 23.052 million barrels, a decline of 155,000 from the previous week but 104,000 more than last year.

The Renewable Fuels Association says net inputs of ethanol purchased by refiners and blenders and the volume of gasoline supplied to the market were both lower than the week before.

Ethanol exports averaged 123,000 barrels a day, a drop of 89,000 from the prior week.

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