PDF attached
US weekly ethanol production increased 7,000 barrels per day (trade looking for +9k) to 952,000 barrels and stocks increased a large 704,000 barrels to 20.440 million (trade was looking for a 12k decline). Production is largest since a month ago and ethanol stocks are still relatively tight. Early September to date US ethanol production is running 4.2% below a year ago level. At this time last year, ethanol production was running at only 598,000 barrels per day. Note gasoline demand recovered 30 percent form around this time last year but is still just over 10 percent below early May 2019. The net blender of fuel ethanol percentage into finished motor gasoline has been running more than 90 percent for at least a month. We are hearing the physical ethanol market is still extremely tight. Yesterday Census reported 133 million gallons of ethanol was exported during the month of March, with China taking 48.3 million gallons.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
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Oakbrook Terrace, Il. 60181
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ICE IM: treilly1
Skype: fi.treilly
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Weekly_EIA_Ethanol_Data-FI050521.pdf