Ethanol production record low for second straight week
U.S. ethanol production notched another record low daily average last week.
The U.S. Energy Information Administration says production dropped to 570,000 barrels a day, down 102,000, the second consecutive week with a record low because of slow blending demand and reduced travel caused by COVID-19 related social distancing and stay at home orders.
Stocks hit an all-time high for the second week in a row, up 378,000 barrels to 27.469 million.
The USDA expects corn for ethanol use this marketing year to be 5.05 billion bushels, but that number could to fall further in upcoming supply and demand reports, with the next set of projections out May 12th.