Average ethanol production in the United States advanced 4.84% in the week ended October 7 to 932,000 barrels per day, up from 889,000 barrels the previous week. Inventories of the biofuel, meanwhile, advanced 0.92 percent to 21.9 million barrels in the week from 21.7 million barrels. The figures were released earlier by the country’s Energy Information Administration (EIA).
Analysts consulted by Dow Jones Newswires expected production of 889,000 to 940,000 barrels per day. As for inventories, estimates ranged from 20.710 million to 21.602 million barrels. Ethanol production figures in the United States are an indicator of domestic demand for corn. In the country, the biofuel is made primarily from the grain and the local industry consumes more than a third of the domestic crop of the grain.
