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U.S. ethanol production, supplies rise

Ethanol production and stocks both moved higher last week.

The U.S. Energy Information Administration says production averaged 1.045 million barrels a day, up 5,000 on the week, the second week in a row with an increase even as the industry continues to struggle with margins and policy concerns. Late last Friday, the EPA granted 31 Renewable Fuel Standard exemptions for small oil refiners, frustrating some ethanol industry representatives and corn producers.

Stocks were climbed 766,000 barrels to 23.883 million, the sixth out of the last seven weeks with a gain.

Monday, the USDA lowered its corn for ethanol use outlook for the new marketing year, which starts September 1st.