The weekly ethanol numbers were mixed.
The U.S. Energy Information Administration says production averaged 1.113 million barrels per day, down 5,000 on the week, but still generally in-line with most recent weeks, and up 32,000 on the year as producers try to meet demand.
The Iowa State University Center for Agricultural and Rural Development says the estimated operating margin for the average Iowa plant improved, reflecting a good return for most operations.
Ethanol exports averaged 141,000 barrels per day, falling 36,000 from the week before, but rising 26,000 from a year ago.
Ethanol stocks were reported at 25.646 million barrels, 58,000 higher than the previous week, with most of that build at the Gulf, implying strong export demand. While that is the fourth week in a row with an increase in the domestic ethanol supply, stocks are 1.925 million barrels below this time last year.
The USDA’s updated corn for ethanol use guess is out March 10th.
