Another drop in stock levels is expected in this week’s EIA report. A Dow Jones survey of ethanol analysts expects ethanol production to build and stocks to continue to decline. Expectations are that tomorrows report will show production to be within the range of 940 to 960 thousand barrels per day, with an average estimate of 950, slightly over last week’s 945 thousand barrels per day average. Analysts are also expecting a decline in ethanol stocks to fall anywhere between 19.00 million barrels to 19.686. The average of the estimated range would be 19.34 million barrels. Should stocks decline to the average, it would be the sixth consecutive week of declining stocks and the lowest level since December 30, 2016. July corn futures are up 20.5 cents to $7.00 per bushel at the time of writing.
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