U.S. ethanol production, stocks down on week
U.S. ethanol supplies backed off from record highs last week.
The U.S. Energy Information Administration says the domestic supply was down 630,000 barrels on the week at 24.334 million, a new five-week low.
The Renewable Fuels Association says the supply tightened in all regions, except for the West Coast, which also reported the import of 2.65 million gallons of ethanol, the second time imports have been reported in the last three weeks.
Production averaged 1.044 million barrels a day, 35,000 less than the previous week.
The USDA expects 5.425 billion bushels of U.S. corn will be used for ethanol production this marketing year, with the next projection out April 9th. The 2019/20 marketing year runs through the end of August.