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Ethanol stocks at multi-month highs
U.S. ethanol production declined for the second week in a row, while the domestic supply surged.
The U.S. Energy Information Administration says ethanol production last week averaged 1.028 million barrels a day, 13,000 less than the week before, but 120,000 more than this time last year, when production was limited by demand uncertainties.
The Renewable Fuels Association says net inputs by refiners and blenders hit a six-week low, while the volume of gasoline was fractionally higher, and both remained well above year ago levels.
Ethanol stocks climbed 1.384 million barrels on the week to 22.518 million barrels, the largest domestic supply since late February, which is up 2.521 million on the year.
The USDA says Midwest ethanol prices were lower last week.
The USDA’s next corn for ethanol use estimate is out August 12th in the monthly supply and demand report.
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