Ethanol production on the rise
U.S. ethanol production rose 0.5% to 857,000 barrels a day in the week through last Friday, adding to an increase the prior week and reaching the highest level since June last year, data from the U.S. Energy Information Administration showed Wednesday.
The output is slightly above the recent high of 854,000 barrels a day in the week through April 5.
Ethanol producers struggled with low margins for much of last year and early this year, pushing output levels lower. But output recovered after a drop in corn prices at the end of March, and some ethanol plants that were idled have now resumed operation.
U.S. ethanol stocks last week fell 3.2% to 17 million barrels from 17.6 million barrels the prior week, reaching the lowest level since late 2011, the EIA data showed.
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(END) Dow Jones Newswires
May 01, 2013 10:40 ET (14:40 GMT)