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U.S. ethanol production up on week, stocks down

 

Average daily U.S. ethanol production hit a more than one-month high last week.

The U.S. Energy Information Administration says production averaged 1.040 million barrels a day, up 8,000 on the week and 36,000 on the year, as the industry prepares for summer driving season, despite continued uncertainties about White House policy towards renewable fuels.

Stocks were down 178,000 barrels from the previous week and 1.091 million from last year at 21.964 million barrels.

Corn for ethanol use remains on pace to meet USDA projections for the current marketing year, which runs through August. The USDA’s next set of supply and demand estimates is out Thursday at Noon Eastern/11 Central.