Ethanol Production

Ethanol Production

Production: 1.094 mb/day
Weekly Total: 7.658 mil bbl
Stocks: 24.558 mil bbl
Corn Used: 108.29 vs 107.74 needed

Analysis 

Production climbed 2.7% to 1.094 million barrels per day, a weekly total of 7.658 million barrels and the most since the week ending September 11. Stocks built 616,000 barrels to 24.558 million, while implied demand slipped for a third straight week to 7.042 million barrels, the lightest since the week ending July 10.

Stocks are 12.0% above last year and about 3.0 million barrels over the five year average, a new high for this week of the year past the 2018 mark of 23.897 million. Production is still 1.6% under a year ago but sits above the 1.072 million barrel per day five year average. Corn use of 108.29 million bushels came in above the 107.74 million weekly pace implied by USDA's 5.600 billion bushel estimate, the first week above it since the week ending September 11. Cumulative use of 690.36 million bushels through seven weeks of the crop year sits about 63 million behind a straight line pace.