Ethanol Production Slows Again
U.S. ethanol production during the week ended July 1 averaged 1.044 million barrels per day (bpd), down 7,000 bpd from the previous week and 2.2% below the corresponding week last year. Through June, ethanol production averaged 1.050 million bpd, down 0.3% from the same period last year. To hit USDA’s corn-for-ethanol usage target of 5.375 billion bu., the pace must increase 4.8% from year-ago during the June-August period.
Ethanol stocks increased 744,000 barrels to 23.49 million barrels.