By The U.S. Department of Energy reported a decrease in average daily ethanol production for the latest week, following a near-record high.
Decrease in Production
According to the Energy Information Administration, the production of ethanol for the week ended December 29th was recorded at 1.049 million barrels per day. This figure is slightly lower than the previous week’s reading of 1.107 million barrels per day, which was only 1,000 barrels per day short of the all-time record set in December 2017.
In Line with Analyst Expectations
The current production number falls within the range predicted by analysts surveyed by Dow Jones. Forecasts for the week ranged between 1.016 million and 1.110 million barrels per day.
Increase in Ethanol Stocks
During the same week, ethanol stocks saw a slight increase to 23.579 million barrels from 23.517 million barrels in the previous week. This is the highest level since April, when stocks reached 24.306 million barrels. However, this increase is below the forecasted range of 23.617 million to 25.200 million barrels as predicted by analysts.
Minimal Impact on Commodity Prices
Following the release of the ethanol data, the commodity market saw little change in prices. Most-active CBOT corn futures rose by 0.6%, while soybeans experienced a decrease of 0.6%. Wheat, on the other hand, rose by 0.8%.
For more information, search “U.S. DOE Oil Data: PADD Breakdown” in Dow Jones NewsPlus.
Comments