Use by blenders and refiners remained on the low side of average (excluding 2020’s depressed demand) during the week ending Aug. 5. Lower demand offset a slight slowdown in production, which was still around average for early August, keeping ethanol stocks above 23 million barrels. Weekly stocks have averaged around 23.5 million barrels since mid-April.
We estimate ethanol producers used about 103 million bushels of corn during the week, raising cumulative corn use to around 5.06 billion bushels (for the Sep-Aug corn marketing year), up 6 percent from last season to date and about 94 percent of USDA’s forecast for 2021/22. Weekly corn utilization will need to remain at this level or slightly higher to hit the projected total.
Weekly ethanol ending stocks
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