Ethanol production drops, supply up sharply
Ethanol production hit a six and a half year low last week, the first week truly reflecting the impact of COVID-19 related stay at home and social distancing orders on the industry.
The U.S. Energy Information Administration says production averaged 840,000 barrels a day, a drop of 165,000 on the week, the largest weekly decline on record.
The slowing demand for blending pushed stocks to a record high of 25.707 million barrels, a week to week increase of more 1.577 million barrels.
The USDA’s next corn for ethanol use estimate is currently scheduled for April 9th.