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Ethanol stocks hit 53-week high

U.S. ethanol stocks hit a more than one-year high last week.

The U.S. Energy Information Administration says the domestic supply of 26.092 million barrels was a 53-week high, up 83,000 on the week and 565,000 on the year, with the Midwest stockpile at its second largest weekly total on record.

That build is partially due to demand not rising to the level of production.

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 down from the previous week.

Ethanol production averaged 1.054 million barrels a day, an increase of 8,000 from the week before and 51,000 from a year ago.

Iowa State University’s Center for Agricultural and Rural Development says the estimated operating margin for the average Iowa plant declined, while still holding about steady with this time last year.

Ethanol exports averaged 84,000 barrels a day, a drop of 50,000 from the prior week.

The USDA’s updated corn for ethanol use projection is out April 11th.

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