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U.S. ethanol stocks climb

U.S. ethanol stocks moved higher for the third week in a row.

The U.S. Energy Information Administration says stocks were up 356,000 barrels last week to 23.365 million, indicating slow blending demand even as E15 access expands in the Midwest.

Production rebounded from the previous week’s Independence Day related low, averaging one million and sixty-six thousand barrels a day, up 19,000 on the week.

The USDA expects 5.45 billion bushels of corn to be used for ethanol production during the 2018/19 marketing year, which runs through the end of August. 2019/20 demand is projected at 5.5 billion bushels.