ETHANOL STOCKS NEAR ONE YEAR HIGH
U.S. ethanol stocks swelled last week as production moved modestly lower.
The U.S. Energy Information Administration says the domestic supply of ethanol was the largest since mid-March of 2023 at 26.022 million barrels, an increase of 520,000 on the week and 1.247 million on the year.
The Renewable Fuels Association says net inputs of ethanol purchased by refiners and blenders and the volume of gasoline supplied to the market were both up from the previous week, but down from a year ago.
Production averaged 1.078 million barrels a day, a decline of 6,000 from the week before, but a rise of 75,000 from this time last year.
Iowa State University’s Center for Agricultural and Rural Development says estimated operating margins at the average Iowa plant were in the black, implying a profit.
Ethanol exports averaged 77,000 barrels a day, a drop of 93,000 from the prior week.
The USDA’s updated corn for ethanol use projection is out March 8th.
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