Ethanol Production Falls to Lowest in Nearly Two Years
USAgNet - 09/23/2022
Daily ethanol production in the U.S. declined far more than expected by analysts this week, falling to its lowest rate in close to two years.
In its latest weekly report, the EIA said that daily ethanol production declined to 901,000 barrels a day for the week ended Sept. 16 from 963,000 barrels a day the previous week. Analysts surveyed by Dow Jones Newswires this week forecast production to
slide, but from 946,000 barrels a day to 958,000 barrels.
This week's figure is the lowest daily ethanol production has totaled since February 2021, when daily production was reported at 849,000 barrels a day.
Ethanol stocks for the week fell to 22.5 million barrels from 22.84 million barrels the previous week. The slide was within the estimates of analysts, who had forecast stocks would decline from 22 million barrels to 22.89 million barrels. It is the fourth consecutive
week that stocks have decreased.
Most-active corn futures are leading CBOT row crops lower in trading, with the most-active contract down 1.1% to $6.84 a bushel.
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