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Record week for ethanol production

U.S. ethanol production hit an all-time high last week.

The U.S. Energy Information Administration says production averaged 1.109 million barrels a day, up 14,000 on the week and 42,000 on the year. Production was driven by encouraging operating margins for most producers and solid demand expectations.

The previous record of 1.108 million barrels a day was set during the week of December 1st, 2017.

Ethanol stocks were the largest since mid-May at 23.973 million barrels, 250,000 larger than the previous week and 1.113 million above a year ago.

The Renewable Fuels Association says net inputs of ethanol purchased by refiners and blenders were fractionally higher, even as the volume of gasoline supplied to the market fell by 1.8%.

Ethanol exports averaged 58,000 barrels a day, 1,000 more than the week before, but 83,000 less than last year.

Corn for ethanol use remains on pace to exceed USDA projections for the current marketing year, with the next guess out August 12th.

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