U.S. ethanol production, supply at multi-month highs
U.S. ethanol production and stocks hit multi-month highs last week.
The U.S. Energy Information Administration says production averaged 977,000 barrels a day, up 16,000 on the week and the highest average since March, when widespread COVID-19 lockdowns began limiting blending demand, but that is still 37,000 barrels below year ago levels.
Stocks were gained 484,000 barrels from the previous week to 20.2 million, the biggest reserve since August, but that is 1.715 million barrels below last year following the production slowdowns.
The Renewable Fuels Association says blender inputs and the amount of gasoline supplied to the market were both up on the week, but down on the year.
Ethanol imports into the West Coast averaged 68,000 barrels a day, the highest weekly average since mid-September 2019.
The USDA expects more than 5 billion bushels of corn to be used for ethanol production this marketing year, with the next estimate out December 10th.