USDA report tomorrow at 11am!!
US ethanol production dropped back to 300 mln gallons in the week ending 8/5 from 307 million gallons in the week prior. Such production would use an estimated 103 mln bushels of corn. With just over three weeks to go in the marketing year, the US would need to use 104.5 mln bushels per week to hit the USDA’s 5.375 bln bu “corn-for-ethanol” projection.
Production has only been that large in 1 of the last 5 weeks. US ethanol stocks dropped to 977 million gallons from 983 million last week. Stocks on the East Coast were down 5 mln gallons and West Coast down 3 mln. September ethanol swaps are last at $2.42, up 3 ½ cents on the day.