
One of the demands items that is close to USDA’s target and not likely to see major changes. Ethanol production this week came in at 1.013 mil barrels/day. That is 8.8% above the year ago level and the year-to-date total is 3.1%. That is below USDA’s estimate of 4.1% but if we look at last year’s numbers compared to what we expect this year in the final 3-4 weeks we should be able to come in very close to USDA’s target.