Weekly Ethanol Production

One industry benefitting from the recent price break is the ethanol industry. Ethanol production has shot up over the last 2 weeks, over a million barrels per day the last two weeks. This week as down slightly but still well above the level needed to reach USDA’s current corn use estimate. If this pattern of higher production continues through the summer, USDA may have to raise its current forecast for corn use in the ethanol industry and that would be a positive for the balance sheet.