Ethanol stocks inch closer to one year high

The U.S. ethanol supply is the largest in nearly a year.

The U.S. Energy Information Administration says domestic stocks are the biggest in the last 50 weeks at 26.051 million barrels, an increase of 29,000 on the week and 731,000 on the year.

The Renewable Fuels Association says demand indicators were friendly, with net inputs of ethanol purchased by refiners and blenders and the volume of gasoline supplied to the market both at 10-week highs, while ethanol exports were up from the previous week.

Ethanol production hit a four-week low, averaging 1.057 million barrels a day, 21,000 lower than the week before, but 47,000 higher than a year ago.

Iowa State University’s Center for Agricultural and Rural Development says estimated operating margins for the average Iowa plant fell, reflecting either less of a profit or even losses for some producers.

The USDA’s updated corn for ethanol use projection is out Friday at Noon Eastern/11 Central.

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