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Ethanol stocks hit near two-year low
The U.S. ethanol supply dropped to multi-year lows last week due to solid demand and a recent dip on production.
The U.S. Energy Information Administration says ethanol stocks were 21.112 million barrels, the tightest supply since the end of 2021, and down 414,000 on the week and 732,000 on the year.
Production did rebound, hitting a five-week high at 1.035 million barrels a day, up 31,000 from the previous week and 19,000 from a year ago.
Iowa State University’s Center for Agricultural and Rural Development says operating margins for the average Iowa plant were slightly lower, but managed to hold near the recent highs.
The Renewable Fuels Association says net inputs for ethanol refiners and blenders and the volume of gasoline supplied to consumers were above a week ago.
Ethanol exports averaged 112,000 barrels a day, 8,000 less than the week before.
The USDA’s next corn for ethanol use estimate is out November 9th.
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