We came in at 23.328 million barrels, that would be up 2.6% from where we were last year.

We came in at 1.021 million barrels and we needed 1.072 million barrels.

Year to date we are up 6.5% which takes us back to September.

Looking at the July WASDA report, they had ethanol production which had corn use for ethanol up 6.8%.

If we don’t pick up our pace here in the future WASDA reports, we will end up having to reduce the amount of demand for corn to ethanol.

Despite the increase in production stocks actually declined slightly to 23.553 million barrels.

This is still a relatively high level of stocks but it’s not burdensome, overall today’s weekly ethanol report was considered lightly supportive for the corn market.

Ethanol production did improve from the week prior up to 1.034 million barrels per day last week and that’s just shy of the level needed to reach USDA’s current corn use target.

When we look at our year-to-date ethanol production its up 6.7% from a year ago, USDA is estimating that corn use for the ethanol industry would be up 6.8.

So, we are very close to being right on track.

Stocks are up slightly form last week, so that was also somewhat disappointing.

That prevented corn from seeing larger gains in today’s trade.

Stocks are up slightly form last week, so that was also somewhat disappointing.

That prevented corn from seeing larger gains in today’s trade.

Stocks bounced to 23.497 million gallons and that’s up 11% from last year.

We’ve seen stocks of fuel ethanol down and up repeatedly, so overall we don’t believe that stocks of ethanol are going to rally substantially.

That will likely end up the stock marketing year very close to the seasonal level.

Production was down slightly for the 3^rd week in a row, but ethanol production has been running very close to the level needed to reach the USDA corn estimate.

Year to date ethanol production is up 7.1%, the USDA is estimating that corn use will be up 6.8%.