U.S. Ethanol Stocks Snap Streak
By Kirk Maltais
After declining for seven straight weeks, U.S. ethanol
inventories were reported higher by the EIA this week.
In its weekly report released Wednesday, the EIA said that U.S.
ethanol stockpiles totaled 20.11 million barrels, up 101,000
barrels from last week. Analysts surveyed by Dow Jones this week
had forecast stockpiles to fall to as low as 19.51 million
Meanwhile, daily ethanol production fell 11,000 barrels per day,
to 926,000 barrels a day. Analysts had forecast production to rise
as high as 952,000 barrels a day.
While this week's results defied analyst expectations, grains
traders are thinking the data will reverse course in coming weeks.
"With ethanol margins improving due to energies rallying and corn
prices dropping, we look for a good recovery in production over the
next few weeks," said Terry Reilly of Futures International.
Corn futures are higher in trading Wednesday, with the
most-active futures contract up 0.6% to just over $5.20 per bushel
To see related data, search "U.S. DOE Oil Data: PADD Breakdown"
in Dow Jones NewsPlus.
Write to Kirk Maltais at email@example.com
(END) Dow Jones Newswires
September 22, 2021 11:34 ET (15:34 GMT)
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