Ethanol production grows, supply shrinks
U.S. ethanol production moved higher as stocks got tighter.
The U.S. Energy Information Administration says production averaged 1.06 million barrels a day, a jump of 21,000 on the week and 35,000 on the year.
Iowa State University’s Center for Agricultural and Rural Development says margins have gotten tighter recently but remain above the 2022 lows for most producers.
The Renewable Fuels Association says net inputs for refiners and blenders were up fractionally, while the volume of gasoline supplied to the market fell 1.2% from the previous.
Ethanol stocks were reported at 23.197 million barrels, a decrease of 439,000 from the week before, but an increase of 2.595 million from a year ago.
The USDA expects 5.375 billion bushels of corn to be used for ethanol production this and next marketing year, with the next production out July 12th.