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U.S. ethanol production up on week

 

U.S. ethanol production increased last week, while stocks backed off from the recent record high.

The U.S. Energy Information Administration says production averaged 1.049 million barrels a day, up 24,000 on the week. Processing margins improved a little with a weaker trend for corn futures and the industry expects continued solid demand, even with the uncertainties about White House policy on renewable fuels.

Stocks were down 523,000 barrels on the week at 23.758 million as blenders prepare for summer fuel needs. That’s still up more than 1.163 million barrels on the year, reflecting the high pace of domestic production.

The USDA’s next corn for ethanol use estimate is out April 10th.