According to recent government data, ethanol inventories have reached their lowest point since November of last year. The U.S. Energy Information Administration's latest weekly report reveals that ethanol inventories stood at 21.61 million barrels for the week ending on August 25, representing a decrease of over 1 million barrels compared to the previous week.
This decline in inventories is even more significant than what analysts surveyed by Dow Jones had predicted. Their forecasts ranged from 22.35 million barrels to 23 million barrels, but the actual figures fell short of these estimates.
The EIA's report also mentions that average daily ethanol production currently stands at 1.007 million barrels. This figure falls within the range of analyst forecasts, which varied from 985,000 barrels to 1.033 million barrels.
In related news, CBOT corn futures experienced a slight decline of 0.3% in today's trading session. Similarly, soybeans saw a decrease of 0.4%, whereas wheat witnessed an increase of 0.8%.
For more information, you can search "U.S. DOE Oil Data: PADD Breakdown" on Dow Jones NewsPlus.