U.S. ethanol production, supply up on week
U.S. ethanol production and stocks both climbed higher last week.
The U.S. Energy Information Administration says production averaged 941,000 barrels a day, up 6,000 on the week, but down 154,000 on the year because of slower blending demand and bad margins caused by the higher price of corn.
The Renewable Fuels Association says blender and refiner inputs and the amount of gasoline supplied to consumers were both also up on the week, but down on the year.
Stocks grew 408,000 barrels from the previous to 23.692 million, which is 686,000 larger than last year because of the slower blending demand and the biggest U.S. supply since May 2020.
The USDA expects 4.95 billion bushels of corn to be used for ethanol this marketing year, down 100 million from December, with the next projection out February 9th.