NASHVILLE, TN (RFD NEWS) — Ethanol production moved higher again last week, giving corn demand another supportive signal during a volatile input and fuel market.
The U.S. Energy Information Administration (EIA) shows production reached a five-week high of 1.11 million barrels per day.
That equals 46.66 million gallons per day, or an annualized pace of 16.22 billion gallons. Using a rough 2.8 gallons of ethanol per bushel of corn, that pace implies about 5.79 billion bushels of annualized corn use.
Output was 7.2 percent above the same week last year and 9.7 percent above the five-year average. Ethanol stocks held near 24.9 million barrels, slightly below last year but above the five-year average.
Gasoline supplied rose slightly to 8.77 million barrels per day, while blender inputs climbed to 917,000 barrels per day.
Exports slipped 8 percent to 6.3 million gallons per day.
