U.S. Ethanol Daily Production Falls Below Forecasts
U.S. ethanol production for the week ending June 21 fell to 1.043 million barrels per day, down by 14,000 barrels from the previous week, according to the Energy Information Administration. This figure missed analysts’ expectations of 1.056 to 1.077 million barrels per day. Ethanol inventories also decreased by nearly 200,000 barrels to 23.42 million. Corn futures rose by 0.5%, though the ethanol report failed to boost the market further. Higher producer margins were expected to uplift grains overall.
Average daily production of ethanol in the U.S. fell back for the week ended June 21, sliding below the range of forecasts from analysts surveyed by The Wall Street Journal this week.
The Energy Information Administration said Wednesday that average daily ethanol production for the week was 1.043 million barrels a day, which is down 14,000 barrels a day from last week. Surveyed analysts had mostly expected daily production to rise for the week, landing between a range of 1.056 million barrels and 1.077 million barrels a day.
Ethanol inventories also fell for the week, declining nearly 200,000 barrels to 23.42 million barrels. That’s within the range forecast by analysts this week, which was between 23 million barrels to 23.67 million barrels.
Corn futures are up 0.5% currently, but the results of the ethanol report are not providing further support. That’s despite higher producer margins, which were thought to be a force lifting grains as a whole, says Naomi Blohm of Total Farm Marketing in a note.
To see related data, search “U.S. DOE Oil Data: PADD Breakdown” in Dow Jones NewsPlus.
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