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U.S. ethanol production, stocks climb
U.S. ethanol production shot higher last week.
The U.S. Energy Information Administration says production averaged 1.069 million barrels a day, an increase of 46,000 on the week and 86,000 on the year. Iowa State University’s Center for Agricultural and Rural Development says projected operating margins for the average Iowa plant did see a week-to-week decline, while remaining solidly in positive territory, encouraging production.
The Renewable Fuels Association says domestic stocks hit a sixteen-week high at 23.435 million barrels, 555,000 above a week ago and 11,000 more than a year ago. That’s partially due to the slower-than-a-year-ago pace of U.S. ethanol exports.
The other demand signals were mixed, with net inputs by refiners and blenders fractionally higher as the volume of gasoline supplied to the market was nearly 5% lower than lats week.
Ethanol exports averaged 79,000 barrels a day, a jump of 10,000 from the previous week.
The USDA’s next corn for ethanol use estimate is out September 12th.
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