Average daily ethanol production was 1.094 million barrels during the week ending Jul. 21, marking five consecutive weeks of year-over-year growth and putting production at the highest weekly level since late October 2021.
Cumulative 2022/23 corn use for ethanol was around 4.68 billion bushels, down 2 percent from last season year to date and about 90 percent of USDA’s current forecast of 5.225 billion bushels. Utilization seems to be on track to hit USDA’s estimate.
Ethanol use by blenders and refiners has been holding steady since May at around 900,000 barrels per day, as usual during the summer driving season. Blending activity has generally been slightly higher this year vs. 2022.
Ethanol stocks ended the week of Jul. 17 at 23.2 million barrels, nearly unchanged from the week before. Weekly stocks tend to decline during the summer and through October before rebuilding during November through March.
The full version of this commentary appeared on our IQ platform Jul. 26, 2023. Further information, statistics, and pricing for the energy market are available to IQ subscribers.Learn more about becoming a subscriber.
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