Ethanol production up slightly, stocks tighten
U.S. ethanol production grew fractionally last week while stocks dipped.
The U.S. Energy Information Administration says production averaged 937,000 barrels a day, up 1,000 on the week, but down 96,000 on the year because of reduced blending demand linked to COVID-19 and tighter margins following the recent surge in corn prices.
The Renewable Fuels Association says net inputs by refiners and blenders and the amount of gasoline supplied to consumers was also up slightly on the week and down sharply on the year.
The domestic supply of 23.796 million barrels was a decrease of 520,000 from the previous week and 562,000 barrels from this time last year.
The USDA expects 4.95 billion bushels of corn to be used for ethanol production this marketing year, with the next projection out March 9th.