U.S. Ethanol Production Surges to Highest in Six Months
Source: By Kirk Maltais, MarketWatch • Posted: Thursday, June 8, 2023
Daily production of U.S. ethanol has shot up to its highest average since December 2022, according to government data.
The U.S. Energy Information Administration said in its weekly report Wednesday that daily production for the week ended June 2 averaged 1.036 million barrels a day. That’s up 32,000 barrels a day from last week, and above the high-end of analyst estimates.
Analysts surveyed by Dow Jones this week had forecast daily production to land anywhere from 983,000 barrels a day to 1.026 million barrels a day.
Inventories of ethanol also rose this week, climbing over 600,000 barrels to 22.95 million barrels. The total exceeded estimates from analysts, who had forecast inventories to land anywhere from 21.33 million barrels to 22.53 million barrels.
CBOT grain futures are mixed in trading Wednesday, with most-active corn futures up 0.3% and soybeans up 0.5%, while wheat futures are down 1.1%.