Ethanol Production

Ethanol Production

Production: 1.118 mb/day
Weekly Total: 7.826 mil bbl
Stocks: 24.523 mil bbl
Corn Used: 110.67 vs 107.67 needed

Analysis 

Production climbed 2.2% to 1.118 million barrels per day, a new high for this week of the year past the 2021 mark of 1.106 million. At 7.826 million barrels for the week, that is the fourth straight weekly gain. Stocks drew 35,000 barrels to 24.523 million, while implied demand jumped to 7.861 million barrels from 7.042 million, the most since the week ending September 25.

Stocks are 9.6% above last year and about 3.1 million barrels over the five year average, a new high for this week of the year past the 2018 mark of 22.746 million. Production runs 2.5% above a year ago and 4.1% over the 1.074 million barrel per day five year average. Corn use of 110.67 million bushels came in above the 107.67 million weekly pace implied by USDA's 5.600 billion bushel estimate for a second straight week. Cumulative use of 801.03 million bushels through eight weeks of the crop year sits about 61 million behind a straight line pace.