PDF attached


·         The US weekly EIA ethanol data was viewed negative for US corn futures.

·         Weekly US ethanol production decreased 11,000 barrels per day to 965,000 barrels. Traders were looking for a 11,000 increase. Stocks were down 72,000 barrels to 23.291 million barrels. The trade estimate for stocks was for a 152,000 increase.

·         US ethanol production of 965,000 barrels per day is about 2.6% below from about the same time a year ago.

·         Over the past 4 weeks, production changes averaged up 2,000 and stocks down 459,000 barrels.

·         Early September 2022 to date (35 weeks) US ethanol production is running 3.1% below the same period a year ago.

·         Padd2 production was 912,000 barrels, down 10,000 from a week earlier. Padd1 was unchanged and Padd3 also unchanged.

·         There were no ethanol imports reported this week.

·         Ethanol stocks of 23.291 million barrels are down about 3.5% from a year ago.

·         Days of inventory of 24.2 compares to 26.2 a month ago and 24.1 during comparable period a year ago.

·         Weekly ending stocks of total gasoline were down 3.167 million barrels to 219.7 million barrels. Implied gasoline demand was up 685,000 barrels to 9.303 million barrels.

·         The net blender input of fuel ethanol was down 14,000 from the previous week at 897,000 bpd, above its previous 4-week average of 896,000 bpd.

·         Net production of combined finished reformulated and conventional motor gasoline with ethanol was 8.870 million barrels, down 106,000 barrels from the previous week and represents 92.9 percent of total finished motor gasoline, above 91.7% blending rate previous week.

·         For 2022-23 corn for ethanol use, we are using 5.215 billion bushels, 10 million bushels from our previous estimate, and compares to 5.250 billion by USDA and 5.326 billion for 2021-22.


US DoE Crude Oil Inventories (W/W) 05-May: +2.951M (est -2.500M; prev -1.281M)

– Distillate Inventories: -4.170M (est -1.000M; prev -1.190M)

– Cushing OK Crude Inventories: +397K (prev +541K)

– Gasoline Inventories: -3.167M (est -1.500M; prev +1.742M)

– Refinery Utilization: +0.30% (est +0.60%; prev -0.60%)







Terry Reilly 
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
18W140 Butterfield Rd.
Suite 1450
Oakbrook terrace, Il. 60181
Work: 312.604.1366
ICE IM: treilly1
Skype IM: fi.treilly




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