Ethanol Production Increases To 1-Month High, Stockpiles Draw Down
For the week ending on Aug 31, the Energy Information Administration reports that production of ethanol rose to a 4 week high of 1.087 million barrels per day, up from last week’s 1.07 million barrels per day. The EIA also reported that ethanol stocks also declined down by 358,000 to 22.703 million barrels, the lowest since July 27. Ethanol exports in the month of July fell 31% from June and 11% from last year, coming in at 104.4 million gallons. Export volumes to Brazil and India have declined but increased for Canada, now the #1 imported of US ethanol.
Heavy Rain And Flooding Could Follow Tropical Depression Gordon As It Moves North
Parts of Arkansas, Tennessee, Kentucky, and S Ohio are under flood watches and warnings as the remnants of Tropical Depression Gordon cut a path northward out of the Gulf of Mexico. Nearly 5 inches of rain are forecast for central Ohio over the weekend and into Monday, where flood watches are in effect. S Missouri, S Indiana, and S Illinois are also expecting up to 6 inches of rain and a cold front to move through the region.
Export Numbers For New Crop Corn Nearly Double From Last Week
The USDA pegged exports of old crop corn at only 30,100 MT, a marketing year low and down 90% from the 4 week average. New crop corn, however, was reported at 1,032,900 MT, compared to last week’s 525,000 MT. The countries with the most purchases were Mexico, Unknown destinations, and Japan. Old crop soybeans came in at only 600 MT, down 100% from both last week and the 4 week average. New crop beans were pegged at 672,600 MT with top buyers being Unknown destinations, Thailand, Argentina, and Mexico. Net sales of wheat came in at 379,800 MT, down 8% from last week and down 14% from the 4 week average. Major buyers for the week were South Korea, the Philippines, and Mexico.
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