Ethanol production up as stocks dive
Ethanol production moved modestly higher last week while stocks got tighter.
The U.S. Energy Information Administration says ethanol production averaged 937,000 barrels a day, up 14,000 on the week and 11,000 on the year.
Stocks hit a 14-week low at 20.010 million barrels, a decrease of 380,000 from the previous week, but an increase of 212,000 barrels from this time last year.
The Renewable Fuels Association says the volume of gasoline supplied to the market fell sharply, also at a 14-week low, and net inputs for ethanol refiners and blenders were the lowest since early May, but both remained above year ago levels.
The USDA says Midwest ethanol prices were steady to higher last week.
The USDA projects corn for ethanol use this marketing year at 5.2 billion bushels, with the next estimate out October 12th.