From: Terry Reilly
Sent: Wednesday, April 08, 2020 10:17:54 AM (UTC-06:00) Central Time (US & Canada)
Subject: FI US Ethanol Snapshot 04/08/20
PDF attached
Apologize for the delay, but we had to adjust nearly all of our charts.
US ethanol production declined a large 168,000 barrels per day to 672,000 for the week ending 4/3/2020 and is down 407,000 barrels per day over the past five weeks. Going back to June 2010, when EIA started to record the weekly data, this week marks the lowest in recorded history, and the largest weekly drop on record. Ethanol stocks were a record 27.091 million barrels, up 1.374 million from the previous week and up 2.951 million barrels over the last two weeks. We are wondering where they are storing the excess ethanol. The decline in ethanol production below 700,000 barrels signals the distress in the industry is larger than thought. September 2019-April 3 combined ethanol production is running 2 percent below the comparable period year ago. Annualized corn use at 672,000 barrels per day implies 3.7 billion bushels of corn per year, down from 5.9 billion as of late February. Ethanol blending into conventional gasoline fell to 86 percent from 86.3% previous week and compares to 92.3 percent 4-weeks ago.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International │190 S LaSalle St., Suite 410│Chicago, IL 60603
W: 312.604.1366
AIM: fi_treilly
ICE IM: treilly1
Skype: fi.treilly
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Weekly_EIA_Ethanol_Data-FI040820.pdf