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Ethanol production up, stocks higher
Ethanol production had a strong week.
The U.S. Energy Information Administration says production averaged 1.113 million barrels per day, up 8,000 on the week and 66,000 on the year.
That works out to 46.75 million gallons of ethanol a day, the highest daily average for any week on record.
That was despite margins continuing to tighten, with Iowa State University’s Center for Agricultural and Rural Development data still showing a slim estimated profit for the average Iowa plant.
Ethanol stocks of 22.039 million barrels were 19,000 above the prior week and 1.085 million more than a year ago.
The Renewable Fuels Association says net inputs of ethanol purchased by refiners and blenders shot to a two-month high, while the volume of gasoline supplied to the market fell to a six-week low.
Ethanol exports averaged 144,000 barrels a day, an increase of 35,000 from the week before and 59,000 from last year.
The USDA’s updated corn for ethanol use estimate is out December 10th.
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