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April 12th, 2017
Ethanol production fell in the latest week from 1.019 million barrels per day to now 986,000 bpd. Though concerning from a week to week basis, this is normal for this time of year. That is why we still focus on the year to year comparison. Compared with last year, this week’s production was still strong at 5.1% over last year. Our year to date pace is 5.0% over last year.
Yesterday, USDA revised their corn for ethanol estimate from a 5.400 billion bushel figure up to 5.450. That would be 4.3% over last year. In our opinion, USDA will be done with changes in this demand category for a couple months or so now.
Production margins have moved to the black due to ethanol prices. Look at the ethanol price chart shown at the end of these comments.
Ethanol stocks fell from 23.705 million barrels to 22.903. This is 2.6% over last year. Given the size of our production increase this year, the moderate year over year increase in stocks is not that bad.Ethanol Production, Nelson's Notes | Comments Off on Weekly Ethanol Production 4-12-2017