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Ethanol production up slightly on week, year
U.S. ethanol production moved modestly higher last week.
The U.S. Energy Information Administration says production averaged 1.072 million barrels a day, up 5,000 on the week and 3,000 on the year.
Operating margins remain positive for most ethanol producers.
Ethanol stocks were the lowest in a month at 23.354 million barrels, declining 413,000 from the previous week and 81,000 from a year ago.
The Renewable Fuels Association says two other important indicators of demand were bullish, with net inputs of ethanol purchased by refiners and blenders and the volume of gasoline supplied to the market both above the week before.
Ethanol exports averaged 71,000 barrels a day, dropping 139,000 from the prior week and falling 8,000 below last year.
The USDA expects 5.45 billion bushels of corn to be used for ethanol production this and next marketing year, with an updated projection out September 12th.
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