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Weekly ethanol production declined 15,000 barrels to 962,000, first decline since mid-October. A Bloomberg survey called for weekly ethanol production to end up unchanged. Stocks increased 44,000 barrels to 20.203 million, highest since August 28. Traders were looking for stocks to increase 377,000 barrels. The report is slightly negative for CBOT corn futures. Ethanol stocks are about 1.5 percent below this time last year while crop-year to date (Sep-Aug) is running 5.8 percent below the same period year ago. The modest recovery in US ethanol production since late August leads us to believe US corn for ethanol use could fall short of USDA’s projection, but that will depend on gasoline demand after the new year. Weekly gasoline stocks increased 2.6 million barrels to 228 million. Percent of gasoline blended with ethanol slipped to 89.3 percent from 90.5% previous week.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
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Weekly_EIA_Ethanol_Data-FI111820.pdf