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Ethanol production hits 13-week low
U.S. ethanol production has declined for three weeks in a row, partially due to seasonal maintenance.
The U.S. Energy Information Administration says production last week averaged 954,000 barrels a day, the lowest since mid-January, a decrease of 29,000 on the week and 13,000 on the year.
Iowa State University’s Center for Agricultural and Rural Development says estimated operating margins for the average Iowa plant were just about unchanged from the previous week and below a year ago.
The Renewable Fuels Association says stocks hit a nine-week low at 25.733 million barrels, 347,000 under the week before, but 3.027 million above last year.
Net ethanol inputs purchased by refiners and blenders were steady while the volume of gasoline supplied to the market dipped nearly 3%.
Ethanol exports averaged 134,000 barrels a day, 41,000 lower than the prior week.
Corn for ethanol use remains on pace to meet or exceed USDA projections for the current marketing year, which runs through the end of August, with the next estimate out May 10th.
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