Ethanol production moves higher, stocks go lower
U.S. ethanol production ramped up last week while stocks got tighter.
The U.S. Energy Information Administration says production averaged 941,000 barrels a day, up 28,000 from the previous week and the highest average since early September, but that is still down 63,000 barrels from a year ago as demand uncertainties linked to COVID-19 continue to impact the industry.
The Renewable Fuels Association says two important demand indicators, blender inputs and the volume of gasoline supplied to the market, were also up on the week and down on the year.
Stocks fell 120,000 barrels to 19.6 million barrels, which is 1.498 million less than last year and the smallest supply since late 2016.
The RFA says imports into the West Coast averaged 6,000 barrels a day, the tenth week out of the last fourteen with reported imports.
The USDA’s next corn for ethanol use estimate is out November 10th.