Weekly US ethanol production improved 8,000 barrels from the previous week to 926,000 barrels, just shy of the September 2019 to date average of 929,000 barrels, 10 percent below the week average for the 2018-19 Sep-Aug corn crop year. A Bloomberg poll looked for weekly US ethanol production to be up 1,000 barrels. US ethanol stocks grew a large 520,000 barrels to 20.270 million, opposite from a predicted 444,000 barrel decrease the trade expected. We see this having little influence on US corn futures. Over the past three weeks weekly ethanol production average 930,000 barrels. If this average remains unchanged over the next couple weeks, US corn for ethanol use may fall about 19 million bushels shy of USDA’s projection of 4.850 billion bushels.
Senior Commodity Analyst – Grain and Oilseeds
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