Weekly ethanol data from the EIA showed modest improvement from the recent beatings.
- U.S. Ethanol stocks are down from 725,000 thousand barrels from last week to 25.612 million barrels and down 2.077 million barrels from the record high of 27.689 million barrels.
- Ethanol production increased week over week by 61,000 BPD to 598,000 BPD, an improvement over last week’s record low 537,000 BPD. Still, production is down 74,000 from the beginning of April, down 446,000 BPD from March, and from a year ago down 438,000 BPD–a 42.3% drop.
- Weekly blending inched up 12,000 BPD to 595,000 BPD, a 2% increase week over week, but still down 35% or 324,000 BPD from a year ago. Some areas of the country are coming back to life.
Corn, soybeans, and wheat all closed weaker in a quiet, light-volume session. Improved forecasts in key world wheat areas are taking the bloom off the rose in global wheat values, although rainfall deficits continue to mount in Russia, western KS, and eastern CO. StatsCan will be out in the morning with acreage intentions. Watch out for higher wheat acres year over year. Temps remain colder than normal for most of the US for another week and then look normal in the extended forecast.