U.S. Ethanol Production Drops More Than Expected

By Kirk Maltais

Daily production of ethanol in the U.S. fell back this week, exceeding the forecasts of analysts surveyed by Dow Jones.

In its latest weekly report, the EIA said that daily ethanol production fell to 1.022 million barrels per day for the week ended Aug. 5, which is down from 1.043 million barrels the previous week. Analysts surveyed this week had forecast production to land anywhere from 1.03 million barrels to 1.053 million barrels per day.

Inventories also dropped this week, falling back to 23.26 million barrels - which is down from 23.39 million barrels reported last week. Analysts had forecast inventories to land anywhere between 23.09 million barrels and 23.54 million barrels.

Corn futures on the CBOT are higher in trading today, fueled in part by a slowed pace of inflation reported by the Labor Department this morning. Most-active corn futures are up 1.3% to nearly $6.22 per bushel.

To see related data, search "U.S. DOE Oil Data: PADD Breakdown" in Dow Jones NewsPlus.

Write to Kirk Maltais at [e-mail]

(END) Dow Jones Newswires

08-10-22 1058ET