Stocks did decline to 24.993 million barrels, that’s still well above last year, but keep in mind as we get beyond covid our driving mileage and fuel consumed is expected to be similar to pre covid level.

That should allow for strong demand from ethanol and to keep stocks from building up too far.

We would not be surprised at all to see our ethanol stock decline seasonally now through middle of summer.

One of the items that leads us to believe that ethanol should remain strong is that ethanol swaps are trading around 2.36 per gallon while gasoline is trading well above $3 per gallon.

So, ethanol is about 70 cents below gasoline per gallon.