Ethanol production, supply at multi-month lows
U.S. ethanol production and stocks both hit multi-month lows last week.
The U.S. Energy Information Administration says ethanol production averaged 973,000 barrels a day, the lowest weekly average since April and down 13,000 on the week, but up 47,000 on the year, when production was limited by uncertainties about demand.
The supply of 21.588 million barrels was a five-week low, a decrease of 718,000 from the previous week, but an increase of 1.288 million from this time last year.
The Renewable Fuels Association says net inputs by refiners and blenders and the volume of gasoline supplied to the market were slightly lower than the week before, but sharply higher than a year ago.
The USDA says Midwest ethanol prices were mostly firm last week.
The USDA expects 5.075 billion bushels of corn to be used for ethanol production this marketing year, rising to 5.2 billion next marketing year, with an updated projection out September 10th.