By Kirk Maltais
U.S. production of ethanol sharply rose for the week ended June 4, according to government data.
In a weekly report from the U.S. Energy Information Administration, U.S. ethanol production rose to 1.067 million barrels per day for the week, up 33,000 barrels per day from last week’s report. It’s the highest daily production since February of last year, according to the EIA.
Analysts surveyed by Dow Jones this week had forecast a more modest uptick in production, rising as high as 1.047 million barrels per day.
“Production is up about 9% from around this time last month,” said Terry Reilly, a senior commodities analyst with Futures International, in a note following the report’s release Wednesday. “Last week’s production came in above the comparable 2017 and 2018 periods but was just short what was produced in week 40 in 2019.”
Ethanol stocks also rose more than expected by analysts, with inventories rising 372,000 barrels to 19.96 million barrels. Analysts had forecast stocks to rise as high as 19.84 million barrels this week.
Most-active corn futures trading on the Chicago Board of Trade are virtually unchanged in trading Wednesday.
To see related data, search “U.S. DOE Oil Data: PADD Breakdown” in Dow Jones NewsPlus.
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