NASHVILLE, Tenn. (RFD News) — U.S. ethanol production climbed to an 11-week high as gasoline demand improved and exports moved higher.
According to Energy Information Administration data analyzed by the Renewable Fuels Association, ethanol production for the week ending June 26 rose 2.5 percent to 1.12 million barrels per day. That equals 46.91 million gallons daily.
Output was 3.8 percent above the same week last year and 5.2 percent above the five-year average. The four-week average increased slightly to 1.10 million barrels per day, equal to an annualized rate of 16.97 billion gallons.
Ethanol stocks rose 0.4 percent to 24.7 million barrels, a five-week high. Inventories were built in the Midwest and on the West Coast but declined in other regions.
Gasoline supplied, a measure of implied demand, jumped 4.1 percent to 9.13 million barrels per day. Ethanol exports rose 4.1 percent to 126,000 barrels per day.
Farm-Level Takeaway: Corn producers should track ethanol production, stocks, gasoline demand, and exports because fuel demand supports domestic corn use.
Tony St. James, RFD News Markets Specialist
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